Despite the crisis triggered by the pandemic affecting economies and businesses around the world, for the 12 months ending 30 June 2020, PwC firms around the world had gross revenues of US$43 billion – up 3% in local currency.
During the first nine months of FY20 to the end of March, revenues grew by nearly 7% over the same period last year with increases across all lines of business and in every major market. From April to June, revenues were significantly impacted by the lockdown and subsequent slowing economies as countries around the world fought the COVID-19 pandemic. Compared to the same three months in 2019, revenues were down from April to June 2020 by 6%.
Assurance: Assurance remains PwC’s largest operation across the world. In FY20, revenues from our assurance operations grew by 3% to US$17.6 billion, driven by continued strong demand for our core audit. With almost 119,000 professionals, PwC is the world’s largest provider of assurance services.
Advisory: PwC Advisory operations grew by 4% to US$14.7 billion. This growth was driven by high demand across the world for advice on strategy, business transformation and value creation in the first nine months of the financial year. PwC Advisory now employs over 71,000 people.
Tax & Legal Services: PwC Tax & Legal revenues grew by 2% to US$10.7 billion, with demand for tax reporting and strategy, people and organisation and legal services in the first nine months of the year offset by the impact of the pandemic in the final three months. Guided by our PwC Global Tax Code of Conduct, the over 55,000 professionals in our Tax & Legal Services teams use their knowledge and expertise to help clients – ranging from individuals to the largest global corporations – to navigate complex and challenging environments, address people and legal issues, and comply with their tax and reporting responsibilities.
According to Bob Moritz, Chairman of the PwC Network the organization focuses on a number of priorities that include:
● Jobs: Continue to invest in building the workforce PwC needs for the future, while maintaining the sustainability of its operations.
● Safety and Wellbeing: Ensuring that its people are safe and comfortable and that we have processes and technologies in place to protect our people in line with relevant safety protocols. And where its people remain working from home, the organisation continues to provide the support that they need to meet the challenges this can bring.
● Quality: Investing in the enhancement of the quality of all of the services provided remains the number one priority of the organisation, including continuing to invest the US$1 billion we announced last year to drive quality and innovation by making us the most cloud-enabled organisation in the world.
● Clients: Supporting its clients across the world as they deal with the impact of the pandemic and look to restart operations, repair their balance sheets and rethink their business models.
● Innovation: Driving and scaling up innovation right across its network and the development of new products and services.
● Upskilling: Upskilling its people and collaborating with UNICEF in support of Generation Unlimited to help upskill young people across the world has become even more important as the pandemic has accelerated the use of technology and remote working.
● Diversity and Inclusion: Redoubling its efforts to create a culture where everyone feels valued, listened to and has the opportunity to grow and succeed and taking a leading role in the global dialogue on diversity. We have created our first global diversity and inclusion leadership council.
The PwC Global Annual Review will be published in October 2020 and will cover in more detail how PwC responded to the COVID-19 pandemic, the work done with its clients, stakeholders and the communities where it operates, how it supported its people, the results of its quality inspections and how we it’s embedding a high-quality culture across PwC, and the actions taken relating to important issues such as diversity and inclusion.
Director - Marketing & Communications, PwC Cyprus