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PwC has announced its global revenues increased by 3.7% to $55.4bn (£42.6bn) during the 12 months ended 30 June 2024.
The firm revealed that Europe, Middle East and Africa revenues were up by 8.7%, with revenues in the UK and Middle East in particular reflecting increasing demand for services.
In Africa revenues declined due to ongoing tough economic conditions, however in South Africa business was “buoyant”.
Across the Americas revenues were up by 3.4% reflecting “difficult” market conditions in the US. Meanwhile, Asia Pacific experienced a decline in revenues by 5.6%.
PwC’s assurance division grew by 3.4% to $19.5bn (£15bn), advisory operations were up by 2.6% to $23.3bn (£17.9bn), while revenues from tax, legal and workforce businesses were also up 6.3% to $12.6bn (£9.7bn).
During the year, the firm completed eight acquisitions and seven strategic investments, expanding its audit tools, technologies and methodologies globally, including signing an agreement with Open AI which makes PwC OpenAI’s first reseller for ChatGPT Enterprise and the largest user of the product.
Mohamed Kande, global chairman, PwC, said: “It’s been a year full of successes and challenges, in which we’ve supported our clients and made meaningful contributions to our stakeholders in the regions and communities where we live and work. Despite a backdrop of economic headwinds, we’ve seen revenue growth across all of our lines of business, deepened our strategic alliances, and invested $1.5bn (£1.1bn) to expand and scale our AI capabilities.
“As a network, we are focused on building trust and delivering quality services that our clients need to prosper today and to reinvent their businesses for tomorrow. We are focused on collaboration and innovation to help our stakeholders navigate an increasingly complex global environment, and I am proud of what our 370,000 people have accomplished this year.”
Carol Stubbings, global chief commercial officer, PwC UK, added: “The significant investments we made last year, including in our AI capabilities and Next Generation Audit platform, position us to deliver meaningful outcomes for our clients, people and wider stakeholders.”
