PwC global revenues hit £45bn in FY22

PwC has seen its global revenues hit $50.3bn (£44.9bn) in the year ending 30 June 2022, up by 13.4% in local currency and 11.4% in US dollars. 

The Big Four firm said its latest results reflect both an increase in activity as the pandemic subsided as well as the way it managed challenges from geopolitical conflicts, including its decision to cease operations in Russia.

Revenues in the Americas showed strong growth of 16% after a flat performance in FY21, with business in the US growing by 17%. Meanwhile, Europe, Middle East and Africa (EMEA) revenues were up by 10%, and in the UK and Middle East combined revenues rose by 12%.

Revenues from its Assurance business grew by 7.6% to $18bn (£16bn), with the group noting that audit “remains the cornerstone of our brand and the key driver for growth in our Assurance business”. 

Elsewhere, its Advisory revenues rose by 23.5% to $20.7bn (£18.5bn) in the period, largely driven by strong demand for technology-enabled business transformation, both enterprise-wide and within specific business functions, such as finance, the front office and human resources. 

Revenues from its Tax, Legal and People business also witnessed growth, and were up by 6.8% to $11.6bn (£10.4bn). 

Bob Moritz, PwC’s global chairman, said: “In a year of rapid change and numerous challenges globally, our talented people used their broad and diverse range of capabilities to support our clients and stakeholders and to make positive contributions to society. The results we achieved in FY22 are a direct outcome of our strategy, The New Equation, which we launched in June 2021.

“Its impact is apparent in our financial performance. For the first time, PwC firms across the world earned gross annual revenues of more than US$50bn. During a difficult year for the global economy, we achieved growth in all businesses while also repositioning our portfolio including 17 acquisitions and the disposal of our Global Mobility & Immigration business.”