PwC global revenues rise to record US$53.1 billion
CISION –
LONDON, Oct. 24, 2023 /PRNewswire/ — For the 12 months ending 30 June 2023, PwC firms around the world reported record gross revenues of US$53.1 billion, growing by 9.9% in local currency and 5.6% in US dollars over the FY22 gross revenues of US$50.3 billion.
Growth from continuing operations, excluding Russia which left the PwC network on 4 July 2022, and our Global Mobility and Immigration business which was sold on 29 April 2022, increased by 11.8%, reflecting the quality of the work delivered by over 364,000 professionals around the world and the power of the PwC brand.
While some countries continue to battle high inflation and economic growth remains sluggish in a number of key economies, revenue growth was steady throughout the year across the PwC network.
Europe, Middle East and Africa (EMEA) revenues were up by 10.2%.
Consolidated revenues from the UK and Middle East rose by 16% (18% for continuing operations), while in Germany they increased by 13.1%.
Across Africa, revenues grew more slowly, up 4.1%, with a strong performance from South Africa, coupled with more challenging market conditions elsewhere across the continent.
Excluding revenues from Russia from the prior year, Central and Eastern Europe (CEE) saw growth of 15.2% as the economic impact of the war in Ukraine lessened across most of the region.
Asia Pacific revenues were up 7.2%, with a very strong performance from India, which was the fastest growing large firm in the PwC network with a revenue increase of 24%.
Australia grew by 10.7%.
Across the Americas, revenues were up by 10.7%, with the US growing by 11.2%, Canada by 4.5% (10.9% for Continuing Operations).
In Brazil, which for the second year posted the strongest revenue growth across South and Central America, revenues were up by 14.3%.
Advisory
Revenues from our advisory operations grew by 13% to US$22.6 billion (FY22: US$20.7 billion).
Much of the growth in our Advisory business has been driven by our clients’ focus on the need to digitally transform their business models.
We have strengthened our relationships with our key technology Alliance partners to go-to-market and deliver sustained outcomes, which has driven a 40% increase in revenues from alliances.
We’ve also met the demand of our clients to deliver across the entire value chain – from strategy and implementation to run and operate – driving significant growth in our Managed Services business.
While challenging economic conditions continued to result in generally slow deal activity in a number of key markets around the world, our work to advise on and support our clients’ mergers, acquisitions and disposals remained relatively strong throughout the year.
In addition, our work to support corporate reorganisations or distressed enterprises also expanded.
Across the PwC network, we invested US$3.7 billion during FY23, following investments of more than US$3.1 billion in FY22.
In addition to investments in attracting experienced teams and people to PwC firms around the world, PwC firms completed 17 acquisitions and five strategic investments around the world in FY23, expanding our professional capabilities in a number of key areas particularly in the areas of technology consulting and cloud.
Across our network we are investing nearly $2 billion to grow and scale our AI capabilities by launching partnerships with multiple AI leaders, as well as rolling out AI tools across all of our lines of service.
In June 2021 we set ourselves a target to create 100,000 net new jobs by 2026.
In FY22, we created more than 32,000 new jobs, and in FY23 we added more than 36,000 positions, taking our global community of solvers to more than 364,000 professionals in 151 countries around the world.
At the current rate, we are on course to meet our target of 100,000 new jobs by 2024, two years ahead of schedule.
Link: https://www.prnewswire.co.uk/news-releases/pwc-global-revenues-rise-to-record-us53-1-billion-301964891.html