PricewaterhouseCoopers International Limited (PwC) reported total global gross revenue of $34 billion for the fiscal year ended June 30, 2014. Revenue growth was strong across all lines of business for all of PwC’s largest firms and in all geographic regions. At constant exchange rates, PwC’s total global revenues rose by 6 percent.
“With organisations 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. This strong performance was despite economic challenges in some countries, increased regulation and stiff competition in all our markets,” said Dennis M. Nally, chairman, PwC International Limited.
“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 solutions including digital services, data and analytics and cybersecurity.
“PwC’s growth in emerging markets outpaced that in the developed economies. The emerging markets are an increasingly important part of our business. They now make up 20 percent of our global revenues and are expected to grow substantially over the next five years. We had strong revenue growth in India, up 24 percent, China, 11 percent, and Brazil, 10 percent.
“We also saw excellent results from our largest firms in the developed world. Revenues were up in the US by 6 percent, in the UK by 5 percent, 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.
“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. We are also actively recruiting students studying science and engineering to meet the growing need for data and analytics expertise by our clients.
“Overall, we’re optimistic about prospects for the global economy in the year ahead, and expect global GDP growth to increase to 3.2 percent in 2015,” Nally said.
PwC firms in the Middle East and Africa showed growth of 16 percent, reflecting PwC’s sustained investment and the growing demand for our services as these economies rapidly develop and mature.
Growth in South America was 13 percent, with particularly impressive growth in Brazil given its challenging market conditions. In North America, revenues were up 7 percent, reflecting ongoing growth for advisory and consulting services in the region.
Revenues also increased across Europe, up 4 percent in Western Europe and 3 percent in Central and Eastern Europe, despite continued sluggish economic conditions in many European countries.
Growth in revenues from Asia rebounded to 9 percent in FY 2014 from 2 percent the previous year. The increase was driven by solid results across the region and particularly from China, India and Japan.
In Australasia and Pacific Islands, PwC firms returned to healthy growth with an increase in revenues of 4 percent, driven by a focus on the growing advisory services market in Australia.
Source : BusinessDay