DGAP-News: PwC FY 2013 Global Revenues Grow to US$32.1 Billion
(firmenpresse) - PwC
01.10.2013 14:00
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Americas, Middle East, Africa continue strong growth
Revenues up in Europe despite tough economy
PwC predicts global GDP growth of 3% in 2014
38,000 new recruits, total workforce climbs to 184,000
Plans to invest US$1 billion in growth markets and businesses
NEW YORK, Oct. 1, 2013 (GLOBE NEWSWIRE) -- PwC reported record total gross
revenues of US$32.1 billion for the fiscal year ended 30 June 2013. All of
PwC's largest firms and each of its major service lines continued to grow, a
strong performance amidst challenging markets and circumstances. At constant
exchange rates, PwC's total global revenues rose by 4%.
'PwC's firms around the world have continued to increase revenues despite
ongoing tough economic conditions and increasingly fierce competition in our
markets. That gives testimony to the talent of our people, the strength of the
PwC network, and our investment in the quality of the work we do for our
clients,' said Dennis M. Nally, Chairman of PricewaterhouseCoopers
International Ltd. 'All of our work around the world is clearly focused on
building trust and helping to solve important problems, either for our clients
or the wider communities in which we operate.
'Over the next three years we plan to invest over US$1 billion in the
development of PwC's operations around the world, with a particular emphasis on
emerging markets, and growing client offerings such as cyber security services
and risk assurance.
'Economic growth in the developing markets, though slowing, continues to
outpace expansion in the more established economies. After five years of
crisis, recession and slow growth, we see some positive signs of sustainable
recovery. The US and Japan have returned to growth and the Eurozone is emerging
from recession.
'On balance we are cautiously optimistic, and predict real global growth in the
coming year of 3%.
'We are very proud of the people who work for PwC. In FY2013 we continued to
focus on recruiting the best talent, with the result that PwC now has over
184,000 people across the world,' added Dennis Nally.
In FY 2013, PwC again recruited some 20,000 graduates and nearly 15,000
experienced professionals, making PwC one of the largest graduate recruiters in
the world. PwC anticipates recruiting even more graduates in FY2014.
Regional Results
PwC firms in North America and South America grew strongly for the third
consecutive year, with revenues up by 7% in North America and 9% in South
America. This sustained growth reflects PwC's increasing share of the market
for advisory and consulting services in the region.
Revenue growth also continued in the developing markets of the Middle East and
Africa. Revenues in the region were up by 7 % following sustained investment
and the benefits of a consolidation of PwC firms across Africa.
In Europe, PwC revenues also increased, despite the impact of continued adverse
economic conditions in many European countries. PwC firms reported revenue
growth of 2% in Western Europe and 3% in Central and Eastern Europe. PwC
anticipates a gradual return to better economic growth across much of the
region in 2014 as conditions in the Eurozone stabilise.
Revenues from Asia were up 2%, a good result given the increasingly competitive
market for assurance services and the slowdown in economic growth across the
region, and in China and India in particular. Tougher economic conditions also
impacted revenues of PwC firms in Australia and the Pacific, where revenues
were down 1%.
Overall, revenues from developing markets account for 20% of PwC's global
revenues. They are expected to double in the next few years.
Lines of Business
Revenues in PwC's global Assurance practice, the largest in the world, grew by
almost 1.5% to US$14.8 billion at constant exchange rates. This growth was
achieved despite very tough competition and a mature market for traditional
audit services. Demand for other assurance services was strong and growing, led
by an increased appetite for additional forms of assurance such as risk
reporting and total impact measurement.
PwC's Advisory operations continued to grow strongly around the world. Global
Advisory revenues increased by 8% to US$9.2 billion. Advisory revenues now
account for 29% of PwC's total global revenues. The continued growth in
Advisory revenues is driven by the increasing strength of the PwC brand in the
area of strategy consulting and a strong performance by PwC's deals practice;
achieved despite the relatively low levels of merger and acquisition activity
around the world.
Growth in PwC's Advisory practice is the result of a strategy focused on
organic growth. Although PwC firms have made selective acquisitions in the
advisory market, these are pursued only when they are perceived to make a
significant impact on PwC's operations at a sensible price.
Revenues from PwC's global Tax practice grew well for the third consecutive
year. Tax revenues increased by 5% to US$8.2 billion, confirming PwC's position
as the largest tax practice in the world. Demand for tax services is expected
to remain strong in the year ahead driven by growing needs for both tax
compliance and tax advisory work around the world. PwC firms operate under a
global tax code of conduct, which was first issued in 2004. See PwC's Global
Tax Code of Conduct.
Across all its lines of business, the PwC network serves 84% of the companies
in the Fortune Global 500 list, and 90% of the FT Global 500.
Corporate Responsibility
Business is increasingly recognising that it has an important role to play in
society, and PwC believes in being part of the solution to the important issues
that society faces. In that regard, PwC's strategic intent is to do the right
thing and to be a catalyst for change. In FY2013, PwC firms and people donated
nearly US$74 million to community activities and more than 47,000 PwC people
donated more than half a million hours in volunteer activities.
Notes to editors:
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Fig. 1: Aggregated revenues of PwC firms by geographic region (US$ millions)
FY13 at FY12 at % change % change
FY13 FY12 at
ex. rates ex. rates constant
ex. rate
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Asia 3,706 3,728 -0.6% 2.1%
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Australasia and Pacific Islands 1,642 1,681 -2.3% -0.9%
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Central and Eastern Europe 809 816 -0.7% 2.6%
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Western Europe 11,828 11,984 -1.3% 1.5%
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Middle East and Africa 1,074 1,077 -0.2% 6.8%
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North America and the Caribbean 12,000 11,187 7.3% 7.3%
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South and Central America 1,028 1,037 -0.9% 9.4%
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Gross revenues 32,088 31,510 1.8% 4.0%
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FY13 revenues are the aggregated revenues of all PwC firms and are expressed in
US dollars at average FY13 exchange rates. FY12 aggregated revenues are shown
at average FY12 exchange rates. Gross revenues are inclusive of expenses billed
to clients. Fiscal year ends 30 June.
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Fig. 2: Aggregated revenues of PwC firms by service line (US$ millions)
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FY13 at FY12 at % change % change
FY13 FY12 at
ex. rates ex. rates constant
ex. rate
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Assurance 14,761 14,864 -0.7% 1.4%
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Advisory 9,153 8,702 5.2% 7.6%
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Tax 8,175 7,944 2.9% 4.9%
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Gross revenues 32,088 31,510 1.8% 4.0%
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Expenses and disbursements on (1,863) (1,854) 0.5% 2.7%
clients
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Net revenues 30,226 29,657 1.9% 4.1%
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FY13 revenues are the aggregated revenues of all PwC firms and are expressed in
US dollars at average FY13 exchange rates. FY12 aggregated revenues are shown
at average FY12 exchange rates. Gross revenues are inclusive of expenses billed
to clients. Fiscal year ends 30 June.
PwC's predictions of GDP growth are for 'real' GDP growth excluding price
inflation.
PwC's Global Annual Review 2013 is published today and available at: PwC Global
Annual Review
The PwC logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=2684
About PricewaterhouseCoopers:
PwC firms help organisations and individuals create the value they're looking
for. We're a network of firms in 157 countries with more than 184,000 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.
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)2013 PricewaterhouseCoopers. All rights reserved
Mike Davies
+ 44 20 7804 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
01.10.2013 Dissemination of a Corporate News, transmitted by DGAP -
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Language: English
Company: PwC
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