PWC Announces 6% rise in revenues worldwide for year end June 2014
PWC Announces 6% rise in revenues worldwide
The leading global accounting firm, PricewaterhouseCoopers has announced 6% growth in the worldwide revenues for the year ending June 30, 2014 as well as also announcing that it increased its’s profits 6 percent to $34 billion.
PWC, who have many difference service lines including Internal Audit, External Audit, Assurance, Advisory and Consulting services which it offers to its clients have said that the firm continues to focus on recruiting the best talent, adding 45,000 people in FY 2014, including 20,000 new graduates, to bring the global workforce to more than 195,000.
The global group of companies experienced strong growth in the Americas, the Middle East and Africa with revenues also rising in Europe.
PwC’s global workforce now tops 195,000, with a record number of 20,000 graduates joining the firm in fiscal year 2014.
All business lines experienced growth across all of the offered service lines.
Dennis M Nally from PWC discussed the companies growth in the following statement:
“With organizations and our stakeholders around the world looking to PwC to help build trust in society and solve important problems, PwC firms continued to perform very well in FY 2014,” said PricewaterhouseCoopers International Ltd. Dennis M. Nally
“This strong performance was despite economic challenges in some countries, increased regulation and stiff competition in all our markets. Our success is built on the talent of our people, the strength of our unmatched global network, and our ongoing investments in the quality of our services right across the world. We’re also expanding our services to meet the needs of clients in the digital age by providing technology-enabled products including digital services, data and analytics and cybersecurity.”
PwC’s growth in emerging markets outpaced its growth in the developed economies.
“The emerging markets are an increasingly important now make up 20 percent of our global revenues and are expected to grow substantially over the next five years.”
PwC experienced strong revenue growth in India, which was up 24 percent, along with China (up 11 percent), and Brazil (up 10 percent).
The network also saw excellent results from PwC’s largest firms in the developed world.
Revenues rose in the U.S. by 6 percent, in the United Kingdom by 5 percent, in Germany by 4 percent, and in Japan by 10 percent. “Even in countries such as Italy and France where the economic conditions remain tough, we have seen growth of 8 percent and 5 percent respectively,”
Nally also states “We plan to recruit even more graduates across the world in FY 2015 than we did in FY 2014, with a particular emphasis on students in the emerging markets and those studying overseas who plan to return to rapidly expanding markets like Africa,” he said. “We are also actively recruiting students studying science and engineering to meet the growing need for data and analytics expertise by our clients.”
Their growth in their global headcount is evidence of the firms optimistic view of global growth going forward having announced their expectation of over 3% GDP growth for year end 2015.
Lines of Business
PwC’s Assurance practice, its largest business and the largest practice of its type in the world, grew by 3 percent to US$15.1 billion, accounting for 45 percent of PwC’s global revenues.
Demand for broader forms of assurance services, such as reporting on internal audit and risk controls, continued to expand among the firm’s clients. PwC said this trend is expected to continue as assurance principles are applied in areas such as social and environmental reporting.
Revenues from PwC’s Advisory practice grew strongly in FY 2014, increasing by 10 percent to US$10 billion, a doubling of global advisory revenues in the past five years and comprising 29 percent of PwC’s total global revenues. Growth in advisory revenues was primarily organic, reflecting a focus on cross-border assignments involving a broad range of services from strategy through execution implementation.
The acquisition of Booz and Company, which was renamed Strategy&, boosted PwC’s capability to perform strategy work; and revenues from strategy consulting are expected to grow strongly in the year ahead. The Strategy& acquisition was only completed in the last quarter of FY 2014 and therefore its full impact will not be felt until FY 2015, PwC noted.
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