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AUDITING: PwC Reports FY2011 Global Revenues Of US$29.2 Billion


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Global professional services firm PwC reported gross revenue of US$29,2 billion for its worldwide network of firms for the financial year ending 30 June 2011, up 10% from the same period last year, making it the strongest growth in income that the network has seen since 2008.

The global network has also continued to recruit key talent, increasing its overall headcount to almost 169,000 staff. The focus on attracting the best talent to PwC will continue in the year ahead with plans to recruit and train 20,000 graduates across the world in 2012.

Suresh Kana, CEO of PwC Southern Africa, says the global firm expects rapid growth in the emerging markets in the next five years.

“We have an ambitious growth strategy in Africa over the next five years, which is aimed to establish us as the number one professional services firm in the world,” says Kana. This includes a US$100 million investment in people and infrastructure, a focus on building an integrated advisory business, and plans to recruit 8,000 more partners and staff over the next five years.

“We want to recruit and develop the best talent around the world. We also want to be known as the firm who has the highest quality of standards.”

Kana says: “We have immense confidence in the future of Africa and we are investing heavily in talent and skills development to ensure that we have the right people in the right place to provide value for our clients in the years ahead.”

The Goal of PwC

Dennis M. Nally, Global Chairman of PricewaterhouseCoopers Ltd says: “At PwC our goal is clear. We want to be the leading professional services network in the world, measured not just by revenues, but by the quality of our work, the talent of our people and the strength of our brand.”

“PwC has the strongest global network in our business and the most talented people. This combination gives us a real competitive advantage in the quality of work we are able to provide to our stakeholders.”

Nally says there was strong revenue growth in PwC firms in emerging markets, in particular South Africa, Brazil and China. The more developed markets, such as Australia and the US, also enjoyed robust growth, he says.

“PwC’s assurance revenues grew by seven percent, to US$14,1 billion, an excellent performance in the light of the fiercely competitive market for audit and accounting services around the world and downward pressure on prices which masks even stronger underlying growth.

While competitive pricing is important, PwC’s assurance operations, the largest in the world, are defined not by their price but by the quality of work they deliver.”

Nally says that PwC firms will continue to invest heavily in service quality throughout the remainder of the year and this investment will accelerate in 2012.

PwC Continues to Grow

Revenues for PwC’s worldwide advisory businesses increased significantly by 20 percent this year to US$7,5 billion. This increase in growth was largely driven by an outstanding performance from PwC’s consulting businesses, particularly in the US, and by a series of strategic acquisitions around the world.

The firm’s tax revenues rebounded to growth, rising by eight percent to US$7,6 billion, reflecting steady performance from across the network driven by an increased demand for tax, accounting and compliance work.

Nally says that the financial results for 2011 show that PwC’s clients value the quality of services the firm provides in the current volatile economic market. “We expect our growth to remain healthy in FY2012 as companies continue to position themselves for better times.”

Geographically, the PwC network enjoyed an increase in revenue in all of its regions with Asia rising by 14 percent, Australasia by 38 percent, and the Middle East and Africa by 20 percent. PwC firms also returned to growth in the Americas, where revenue in North America increased by 10 percent, and the growth rate in South and Central America doubled to 23 percent. Growth was more modest in Western Europe at four percent and Central and Eastern Europe at seven percent, but still solid given the economic climate.

Nally says: “We’re please that we’ve managed to deliver this formidable improvement in our results during tough times. There’s no doubt that this performance is down to the hard work and dedication of PwC people across the world.”

Last financial year, PwC reported global gross revenue of US$26,6 billion, up 1,5 percent on the previous comparable period.

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