For the year ending 30 June 2017, PwC’s firms around the world reported total gross revenues of US$37.7 billion. At constant exchange rates (or local currency), revenues grew by almost 7%, marking 20 years of consecutive revenue growth for the PwC network.
“As the world changes and our clients’ businesses evolve, so PwC has been changing to meet the growing and increasingly complex needs of society at large,” said Bob Moritz, PwC’s Global Chairman.
Our strategy of investing heavily in technology, quality, innovative new services and recruiting top talent paid off with strong revenue growth across all our lines of business, , in FY17.
We have the best brand in the marketplace and this, combined with the strength of our people and our reputation for client service, has driven strong organic growth right around the world. We continue to make selective, strategic acquisitions to strengthen our existing services and to accelerate the development of newer ones such as cyber security.
Innovation is the foundation of our success and we are embracing artificial intelligence, robotics and machine learning as we work to deliver success for our clients and stakeholders going forward. We’re also investing in areas such as our data privacy practice. As more and more data is generated and shared, and companies are exposed to new digital vulnerabilities, we're helping clients to develop their cyber security and privacy programmes, and respond to incidents”.
Despite fierce competition, PwC’s Assurance operations grew strongly, rising again by 6% to US$16.0 billion. This growth reflects some significant new audit client wins and increasing demand for the PwC’s broader assurance services. PwC’s Advisory operations grew by almost 8% to US$12.3 billion – a very strong result on the back of high growth last year and despite an uncertain environment for many consulting activities around the world.
PwC saw particularly strong growth in its Strategy& and technology practices with growth of 17% and 20%, respectively. Tax & Legal revenues grew by 6% to US$9.5 billion with growing demand for tax compliance and consulting work for direct and indirect taxes globally. With over 41,000 tax professionals, PwC has the largest tax network in the world.
In FY17, PwC’s global headcount grew 6% to 236,235 people. A record 59,252 people joined PwC firms around the world. In FY17 half of PwC’s graduate recruits and 45% of experienced hires were female. PwC firms admitted a record total of 862 partners around the world with 25% female. 27% of the people promoted internally on 1 July, were female, demonstrating the strengthening pipeline of female leadership.
PwC’s global presence remains strong with member firms in 158 countries having offices in 736 locations. It employs people with a broad range of skills, experiences and backgrounds and invests in their learning and development so they can continuously learn, grow and lead at all levels. PwC’s culture – guided by its shared values – inspires its people to be their best. The technology investments PwC is making allows it to mobilise its people so they can serve clients faster and better than ever before.
Through its community investment efforts, PwC focuses on maximising the potential of individuals through education and building the capacity of NGOs and social and micro enterprises around the world. This year, 59,704 of its people contributed 755,811 hours of their time, worth US$66 million. In addition, PwC firms donated almost US$64 million to charities and community activities.
Quality and the Global Annual Review
Quality is the driving force behind PwC’s global operations and is the focus of very significant investment of both time and resources by our leadership and people. In FY17, PwC invested over US$500m to enhance the quality of its services.
To demonstrate its commitment to quality, in the FY17 Global Annual Review PwC is publishing for the first time a detailed description of its quality processes and the results of its most recent internal audit quality inspection (www.pwc.com/annualreview).