PW income hits all time high at $5bn
Price Waterhouse’s annual global income smashed through the $5bn (#3.2bn) mark in the year to June, continuing a trend of double-digit growth.
The firm’s worldwide chairman Dominic Tarantino reported that annual revenue was $5.02bn, the highest in PW’s history and up from $4.46bn the year before.
Management consultancy income grew by 20% with a 13% sector rise in Europe.
Corporate finance practices recorded a 15% rise, while audit, business advisory, tax and legal services each notched up a 10% rise in fee income.
Figures were not released for PW practice in the UK.
Tarantino said: ‘Our continuing growth and strong operating results demonstrate the success of our global investment strategy in both established and developing markets. ‘
The firm also recorded 17% growth across the Asia/Pacific region. Chinese revenue doubled, while income soared by 44% in Eastern Europe.
Tarantino added: ‘In these developing markets, and in developed markets around the world, much of our investment has been focused on training and development. If continuing double-digit revenue growth is an important indicator, we are clearly on the right track.’
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceGlobal spend on accountancy outsourcing up by 40% in the space of five years. News comes as accountancy outsourcing specialist AdvanceTrack reports en...
View articleFollowing a profitability review, Deloitte has decided to scale back its UK deals business due to lower returns. This strategic shift could lead to jo...
View articleUK-based Dow Schofield Watts (DSW), a mid-market professional services network, announced the creation of a new division called DSW Principal Partners...
View articleEY has been undergoing significant cost-cutting measures and streamlining its operations since the abandonment of Project Everest. The firm has made t...
View articleTransitioning from an accounting firm to a consultancy model is only one part of the puzzle. The next, equally vital piece is making the market aware ...
View articleThis framework, while providing a top-line view, underscores the importance of strategic vision, operational excellence, and the spirit of continuous ...
View articleLooking ahead, the Big 4 firms face a challenging year, with ongoing cost-of-living concerns, slow economic growth, rising geopolitical tensions, and ...
View articleLast month it was reported that Deloitte would be cutting approximately 1,200 jobs in the United States, making it the latest of the Big Four accounti...
View article