PracticeAccounting FirmsPwC growth slows

PwC growth slows

PricewaterhouseCoopers today reported a 7.6% increase in global fee income over last year, a weaker growth rate compared to its rivals but larger in dollar terms.

The firm announced global revenues of $22.3bn (Pounds 15.5bn) for the year ended 30 June 2001, compared to $20.7bn. Net revenues were $19.8bn.

Samuel DiPiazza, PwC’s newly appointed global CEO, said: ‘Economic conditions and the global climate were nothing if not challenging last year. Nonetheless, we are especially encouraged by the nearly 10% growth registered by our assurance, tax and corporate finance and recovery practices, the core businesses that will remain with PricewaterhouseCoopers following the planned separation of our consulting services.’

Assurance and business advisory services helped pushed PwC’s growth rate this year with global revenues of $8.7bn, an increase of 7.4%. The tax practice also performed well with double-digit growth for the third consecutive year.

Big Five rivals continue to challenge PwC to publish its full accounts and unlike KPMG, Ernst & Young and Deloitte & Touche which publish their results by country, PwC publishes only global results.

DiPiazza added: ‘Today, we are working closely with our clients to help them constructively confront the challenges of a much weakened global economy and prepare for the recovery that will certainly come.’

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