PracticeAccounting FirmsPwC takes $26.6bn in global revenues

PwC takes $26.6bn in global revenues

PwC's global revenues boosted by growth in the advisory businesses but tax and assurance earnings drop

PwC has
taken revenues of $26.6bn (£16.8bn) globally.

The firm’s earnings to 30 June 2010 rose by 1.5% compared to the previous
year.

However, revenues in the assurance divisions came to $13.3bn, down 1.3% on
full year 2009.

The firm cited ongoing pricing pressures in a “fiercely competitive market”
as the reason for the decrease.

PwC’s tax arms made $7.1bn, down 2.9% year-on-year because of the worldwide
slump in corporate deals and restructuring activity.

PwC’s revenues were boosted by growth in the advisory businesses.

These divisions collectively made $6.2bn, up 7.9% over the previous 12
months.

PwC’s consulting businesses achieved 15% revenue increase compared to 2009
and the advisory arms are expected to remain a key source of future growth, the
firm said.

“The increase in revenues is a creditable achievement and PwC firms in our
key countries consistently maintained their positions as market leaders,” said
Dennis M Nally, chairman of PwC International.

“This performance reflects the commitment and dedication of our people, and
the ongoing effort of PwC firms to manage through the downturn without losing
sight of the need to keep focused on the potential for renewed growth,” Nally
added.

Further reading:

Deloitte
lines up “borderless” business in two years

Deloitte
grows global revenues by 1.8%

KPMG
chief calls for audit reform

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