The PwC network reported total global gross revenues of $35.9 billion for the fiscal year ended on 30 June 2016. At constant exchange rates (local currency), PwC’s total global revenues rose by over seven per cent.
“The strength of our brand, the opportunities we provide for our people, 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,” commented Bob Moritz, Chairman of PricewaterhouseCoopers International Ltd. “Our revenue growth in Full Year 2016 (FY16) 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.
“This is an era of unprecedented scrutiny and the public expects more from business today. We are focused on how we can best serve not just the needs of our core stakeholders but society at large. This is reflected in our purpose, the culture we’re building right across our network and in the stories we tell in our annual review.”
More revenue growth is coming from developing markets – particularly Asia where revenues grew by 10 per cent, with strong performances in India and China.
In North America and the Caribbean revenues grew by eight per cent boosted by a strong performance from the US, our largest market in the world. While in South and Central America, revenues were up nine per cent.
In Western Europe growth was steady, up six per cent. Central and Eastern Europe posted robust revenue growth of 10 per cent.
Serving the needs of the capital markets is the core of our assurance business and our brand. Demand for our network’s audit and assurance businesses remains strong despite fierce competition and price pressure across the world. In FY16 PwC’s $15.3 billion assurance business grew by six per cent. Broader assurance services such as IT, risk and data assurance are all areas where PwC is driving innovation and increasing investment.
Advisory growth of eight per fent to $ 11.5 billion, was driven by an increased demand from clients for our network’s strategy through execution services and by excellent growth across a broad range of consulting, forensics and deals-related work. In particular, cyber security, digital and data & analytics services benefitted from our significant recent investments.
The strong market for deals positively impacted our network’s tax operations, with revenues increasing by 7% to US$9.1 billion. In addition there was continuing strong demand for compliance, corporate consulting and transfer pricing work globally.
Quality continues to be the driving force of all PwC’s operations around the world. In FY16 alone
US$500 million was invested to further enhance the quality and delivery of our services as we continue to focus rigorously on meeting the needs of our stakeholders.