ACCOUNTING and professional services giant PWC last night toasted $35.9bn (£27.9bn) in global revenues in its latest year to 30 June.
The tally represents a 1.5 per cent increase on the same period last year and close to 7.5 per cent growth at constant exchange rates. However, that revenue growth has slowed from the 9.9 per cent income growth posted last year.
The numbers were large, but compared to the previous fiscal year’s growth rates for revenue Moritz’s numbers left some under-whelmed. The PWC chairman explained the slowing growth over the 2016 fiscal year was due to economic uncertainty and efforts by his firm’s clients to hold down their expenses.
“We feel really good about the results overall,” Moritz told The Wall Street Journal.
The Big Four firm said growth was driven by Asia, where revenues grew by 10 per cent, with strong performances in India and China.
Cash was coming in thick and fast in other regions as well with North America and the Caribbean revenues up by eight per cent boosted by a strong performance from the US – the accounting major’s largest market in the world. While in South and Central America, revenues were up nine per cent.
In Western Europe growth was steady, up 6 per cent. Central and Eastern Europe posted “robust revenue growth” for the firm at 10 per cent.
PWC’s $15.3bn assurance business grew by six per cent for the period.
“The quality of our services and our focus on meeting the needs of our stakeholders are at the heart of PwC and how we measure our success,” said PWC chairman Bob Moritz of the results last night.
“Our revenue growth in the the 2016 financial year across all major markets and businesses is testament to our fundamental purpose of building trust and solving problems.”
“To secure future growth, we are investing heavily in technology to enhance the quality and impact of our services and make the best use of the skills of our people. The world is changing rapidly and we are planning for the services our clients, capital markets and other stakeholders will need tomorrow, as well as serving their needs today.
“Whether it’s the tax and audit services of the future, transformational consulting, blockchain or augmented reality, we are implementing a strategy to meet the long-term needs of our stakeholders and the career aspirations of our people.”
Source: CityAM