PwC global revenues rise to record $53.1bn

PwC has revealed its firms around the world reported record gross revenues of $53.1bn (£43.8bn), up 5.6% YOY, during the 12 months ending 30 June 2023.

It comes as the Big Four firm saw growth from continuing operations, excluding Russia which left the PwC network on 4 July 2022, and its Global Mobility and Immigration business which was sold on 29 April 2022, increased by 11.8%.

Its Europe, Middle East and Africa (EMEA) revenues were up by 10.2%, while it revealed revenues from the Asia Pacific region were up 7.2%, with a “very strong performance” from India, which was the fastest growing large firm in the PwC network with a revenue increase of 24%.

Across the Americas, revenues were up by 10.7%, with the US growing by 11.2%, Canada by 4.5% (10.9% for Continuing Operations). In Brazil, which for the second year posted the strongest revenue growth across South and Central America, revenues were up by 14.3%

PwC also confirmed that revenues across all of its lines of business – Assurance, Advisory, and Tax and Legal Services – outperformed the previous year.

Revenues from its assurance operations grew by 8.9% to $18.7 (£15.4bn), led by its audit business which it said continued to grow over the last year as it “manages complex market dynamics, such as auditor rotation, regulation and increasing competition”.

Meanwhile, revenues from its advisory operations increased by 13% to $22.6bn (£18.6bn) and its Tax, Legal and Workforce businesses jumped 12.5% to $11.8bn (£9.7bn), compared with growth of 8.7% in the previous year.

Bob Moritz, PwC Global chair, said: “Our focus on delivering the quality services that our stakeholders need to prosper today and to prepare their organisations for the future has driven another year of growth for us. As we come up to our 175th anniversary, we continue to invest in the future of our network with strategic acquisitions in key growth areas and a drive to expand our workforce and continue to acquire a broad and diverse range of talent.

“Providing the best quality services we can is the focus of all of my colleagues around the world and the foundation of our success. I am proud of the hard work and dedication our PwC people have shown over the last year.”