London: PwC, the professional services network, has reported revenues at a three year high — despite slow growth in Europe.
The firms reported gross revenues of US$29.2 billion for its worldwide network of firms for the fiscal year ended 30 June 2011, an increase of 10% over FY2010, and the strongest growth in revenues that the network has seen since 2008. At constant exchange rates, PwC's FY2011 network revenues rose by 8%.
While increasing revenues, PwC has also continued to recruit, increasing overall headcount to nearly 169,000. This firm says it plans to recruit and train a record number of 20,000 graduates across the world in FY2012. In addition PwC will offer training internships to 10,000 students to introduce them to professional services.
"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," said Dennis M Nally, Chairman of PricewaterhouseCoopers International Ltd.
"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", added Nally.
PwC's Assurance revenues grew by 7 %, to US$14.1 billion, an excellent performance in 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.
Revenues for PwC's worldwide Advisory businesses grew strongly in FY2011, up 20% to US$7.5 billion. This impressive growth was driven by an outstanding performance from PwC's consulting businesses, particularly in the US, and by a series of strategic acquisitions around the world.
PwC's Tax revenues rebounded to growth in FY2011, rising by 8% to US$7.6 billion, reflecting steady performance from across the network driven by an increased demand for tax accounting and compliance work.
"PwC's FY 2011 results show that our clients value the quality of the services we provide in these volatile economic times," Nally said. "We expect our growth to remain healthy in FY2012 as companies continue to position themselves for better times."
Geographically, the PwC network enjoyed increases in revenue in all of its regions with Asia rising by 14%, Australasia by 38%, and the Middle East and Africa by 20%. PwC firms also returned to growth in the Americas; North American revenues rose by 10% and the growth rate in South and Central America doubled to 23%. Growth was more modest in Western Europe at 4%, and Central and Eastern Europe at 7%, but still solid given the economic circumstances.