FY24 proved to be a consolidation year for
PwC Cyprus, enabling us to stabilise our
business, finalise our bold geopolitical
de-risking and business re-orientation strategic
initiative, accelerate the transformation of
certain parts of our business, and complete
a successful 2-year bounce-back adjustment
journey. This transformation journey focused
on replacing historic revenues by leveraging
the quality of our people and services, to
pursue new opportunities within our local
market, and to further export our services
outside of Cyprus in support of international
clients and PwC Network member firms.
Following a very dynamic FY23, the
deteriorating global economic environment
of the past year slowed down our growth
momentum.
In the face of challenging and volatile conditions during FY24, we are very proud of how we continued to demonstrate agility in adjusting our business plans and staying on track with the implementation of our responsible business model reinvention.
Philippos Soseilos, CEO & Chairman of PwC CyprusBuilding trust in society and solving important problems.
In retrospect, this year has been marked by significant
disruptions across industries, sectors and regions, posing a
myriad of interconnected financial and non-financial challenges
for our clients, who were expected to navigate a complex,
volatile and uncertain landscape, encompassing economic
uncertainty, regulatory changes, an accelerated demand
for digital transformation, cybersecurity risks, sustainability
pressures, market competition dynamics and an enhanced
necessity for financial resilience, amidst economic fluctuations.
Our People are at the heart of who we are and what we do.
This past year, our strategy has been centred on fostering
a culture of inclusivity, collaboration, continuous development,
and innovation
.
We continue to embrace flexibility and adaptability, recognising
the diverse needs and lifestyles of our people. Our initiatives
around flexibility and wellbeing have seen enthusiastic
acceptance and participation and have been instrumental in
maintaining high levels of engagement and productivity.
The quality of our work is at the heart of our organisation
and we invest significant and increasing resources in its
continuous enhancement across all of our businesses.
This investment is targeted into many different areas, including
training (technical, ethical and behavioural), methodologies,
adding resources in key areas and exploring new ways of
delivering our work. Each investment reflects a common
determination to understand the factors that drive quality and
identify opportunities for enhancement. We are also investing
heavily in new technology to drive continuous improvement in
the capabilities and effectiveness of all of our services.
Accelerating our investment in our digital transformation through the integration of artificial intelligence capabilities.
Our digital transformation journey is an on-going process. To-date we invested significantly in introducing tools and upskilling our people in the more efficient use of data in servicing our clients but also in addressing our own internal needs.
We strive to stay ahead of technological developments to understand the impact and opportunities they present for our business and our clients’ business. The recent advancements in Artificial Intelligence (AI) and more specifically generative artificial intelligence (GenAI) highlight the importance of the PwC’s human-led, tech-powered global strategy.