DGAP-News: PwC FY 2012 Global Revenues Rise to US$31.5 Billion
(firmenpresse) - PwC
04.10.2012 14:00
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Americas, Middle East, Africa Show Strong Growth
Revenues Up in Europe Despite Economic Uncertainty
20,000 Graduates Recruited, Total Workforce Climbs Over 180,000
NEW YORK, 2012-10-04 14:00 CEST (GLOBE NEWSWIRE) -- PwC, the world's leading
professional services network, reported record total gross revenues for the
fiscal year ended 30 June 2012 of US$31.5 billion. At constant exchange rates,
PwC's total global revenues rose by 8%.
PwC firms reported particularly strong revenue increases of 13% in both North
America and South America. This sustained growth follows a similarly strong
performance last year and consolidates PwC's market position in the region.
Revenue growth in developing markets of the Middle East and Africa was also
strong - up 15% - reflecting the commitment and increased investment in the
region by the PwC network. PwC firms in Asia continued to grow well with FY
2012 revenues up 8%.
The PwC network's aggregate revenues also increased in Europe, despite the
impact on growth of the uncertain outlook for the Eurozone. PwC firms reported
revenue growth of 4% in Western Europe and 8% in Central and Eastern Europe,
both higher growth rates than in the previous year.
Overall, PwC firms enjoyed underlying revenue growth in all its major markets
around the world both developed and developing. Revenues from developing
markets now account for 20% of PwC's aggregate global revenues. They are
expected to reach 40% by 2017.
In addition to boosting revenues, PwC also continued its focus on recruiting
talented people and investing in the training and development of its workforce.
In FY 2012 PwC firms recruited a record 20,500 graduates, making PwC one of the
largest graduate recruiters around the world. PwC firms plan to recruit and
train an even larger number of graduates in the year ahead.
In total, PwC expanded its workforce by 7% in FY 2012, taking the total number
of people to over 180,000 for the first time.
'PwC's ability to increase revenues in all key markets in a challenging
economic climate is testament to the trust that clients have in the quality of
PwC work, the talent of our people and the strength of the PwC network,' said
Dennis M. Nally, Chairman of PricewaterhouseCoopers International Ltd.
'We are in the midst of a global economic rebalancing. Economic growth in the
developing markets will continue to outpace expansion in the more established
economies. That shift heightens the ongoing need to attract talented, skilled
people and make sure they are located where our clients require them. We are
committed to making the investments to recruit and retain the best people and
to focus on consistently providing the highest quality services.'
PwC's largest firms around the world continued to increase local revenues. In
the US, revenues were up by 15%; in the UK by 6%; in China by 14%; in India by
16%, in Russia by 13% and in Brazil by 14%. Revenues from PwC firms in
Australia and the Pacific were down by 5%. This revenue decline is on the back
of an exceptional item in FY2011 which significantly boosted revenue growth
last year. Without this exceptional item, revenues from Australia and the
Pacific continued to grow steadily, up 3%.
Assurance revenues across the PwC network, increased by 3% to US$14.9 billion.
The steady growth in PwC's signature Assurance practice, the largest in the
world, is significant given the maturity of the business and the highly
competitive nature of the audit market. PwC firms continue to place a premium
on the quality of their Assurance services. In FY 2012, PwC firms continued to
invest heavily in the support and development of their assurance services,
seeking to further enhance quality and make them more relevant and responsive
to the needs of investors and the capital markets.
PwC's Advisory practice continued to expand strongly around the world. Advisory
revenues, across the PwC network, increased by 17% to US$8.7 billion, driven
largely by higher sales in consulting services as clients recognised PwC's
ability to deliver transformational change across the spectrum of consulting
from strategy to execution.
Building on a strong performance in FY2011, network revenues from PwC's Tax
practice continued to grow well in FY 2012, up 8% to US$7.9 billion. This
growth was driven by increasing demand from clients for advice to deal with the
risks and challenges 0f tax compliance, tax revenue examinations and tax
accounting. In addition, PwC Tax professionals have been active in advising
clients of tax consequences and risks as companies actively transform their
business operations to deal with globalisation and changing supply chains.
In FY 2012 two thirds of Advisory and Tax revenues came from clients that are
not audited by PwC. Among all its service lines, the PwC network serves 84
percent of the companies in the Fortune Global 500 list, and 88 per cent of the
FT Global 500.
'Our aspiration remains unchanged,' Mr. Nally said. 'We strive to be the
premier professional services network in the world, and we seek to be
recognised not just because of our size, but for the unsurpassed quality of our
work, the talent of our people and the strength of our global brand.'
Notes to editors:
Figure 1: Aggregated revenues of PwC firms by geographic region (US$ millions)
FY12 at FY11 at % change % change at
FY12 FY11 constant ex.
ex. rates ex. rates rate
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Asia 3,728 3,427 8.8% 7.9%
Australasia and Pacific 1,681 1,677 0.2% -5.0%
Islands
Central and Eastern Europe 816 778 4.8% 8.3%
Western Europe 11,984 11,518 4.0% 4.4%
Middle East and Africa 1,077 987 9.1% 14.6%
North America and the 11,187 9,881 13.2% 13.4%
Caribbean
South and Central America 1,037 955 8.6% 12.9%
Gross revenues 31,510 29,223 7.8% 8.0%
FY12 revenues are the aggregated revenues of all PwC firms and are expressed in
US dollars at average FY12 exchange rates. FY11 aggregated revenues are shown
at average FY11 exchange rates. Gross revenues are inclusive of expenses billed
to clients. Fiscal year ends 30 June.
Figure 2: Aggregated revenues of PwC firms by service line (US$ millions)
FY12 at FY11 at % % change at
FY12 FY11 change constant ex.
ex. rates ex. rates rate
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Assurance 14,864 14,393 3.3% 3.4%
Advisory 8,702 7,458 16.7% 16.9%
Tax 7,944 7,372 7.8% 7.9%
Gross revenues 31,510 29,223 7.8% 8.0%
Expenses and disbursements on (1,852) (1,755) 5.5% 5.1%
client assignments
Net revenues 29,658 27,468 8.0% 8.2%
FY12 revenues are the aggregated revenues of all PwC firms and are expressed in
US dollars at average FY12 exchange rates. FY11 aggregated revenues are shown
at average FY11 exchange rates. Gross revenues are inclusive of expenses billed
to clients. Fiscal year ends 30 June. The allocation of revenues between Lines
of Service has been restated for FY11 to reflect the current organisation
structure
About PricewaterhouseCoopers:
PwC firms help organisations and individuals create the value they're looking
for. We're a network of firms in 158 countries with more than 180,000 people
who are committed to delivering quality in assurance, tax and advisory
services. Tell us what matters to you and find out more by visiting us at
www.pwc.com.
The PwC logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=2684
PwC refers to the PwC network and/or one or more of its member firms, each of
which is a separate legal entity. Please see www.pwc.com/structure for further
details.
(c)2012 PricewaterhouseCoopers. All rights reserved
CONTACT: Mike Davies
+ 44 207 804 2378
Email:mike.davies(at)uk.pwc.com
Mike Ascolese
Tel: +1 646 471 8106
Email: mike.ascolese(at)us.pwc.com
News Source: NASDAQ OMX
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