The PwC network reported total global gross revenues of US$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 7%.
More revenue growth is coming from developing markets – particularly Asia where revenues grew by 10%, with strong performances in India and China.
In North America and the Caribbean revenues grew by 8% boosted by a strong performance from the US, our largest market in the world. While in South and Central America, revenues were up 9%.
In Western Europe growth was steady, up 6%. Central and Eastern Europe posted robust revenue growth of 10%.
Demand for the network’s audit and assurance businesses remains strong despite fierce competition and price pressure across the world. In FY16 PwC’s $US15.3 billion assurance business grew by 6%. Broader assurance services such as IT, risk and data assurance are all areas where PwC is driving innovation and increasing investment.
Advisory growth of 8% to $US 11.5 billion, was driven by an increased demand from clients for the 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 significant recent investments.
The strong market for deals positively impacted the 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 the network’s services as the organization continues to focus rigorously on meeting the needs of its stakeholders.
“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 FY16 across all major markets and businesses is testament to our fundamental purpose of building trust and solving problems.
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.”
The PwC network welcomed a record level of new joiners to the network, adding 58,081 people in FY16, including 26,780 graduates. Overall PwC’s global headcount grew by over 7% to more than 223,000 people. The largest increases in workforce were in the strongly-growing markets of Asia and Central and Eastern Europe. In addition, 83% of people say they are proud to work at PwC.
In FY16 just over half of new graduate recruits were female. Additionally, 665 partners were admitted across the PwC network with, for the third year in a row, female partner promotions increasing, now reaching 27% of total new partners.
It is worth noting that in FY16, PwC firms and people donated US$63 million to community activities and more than 820,000 working hours in professional services and skilled volunteer activities. 1
Director - Marketing & Communications, PwC Cyprus