PwC global revenues up by 6%
Despite challenges, emerging markets growth sees PwC post 6% global growth in 2013/14
EMERGING MARKETS were again a boon for PwC’s global revenue streams, with Big Four firm’s consolidated offices reporting fees up 6% at $34bn (£21bn).
Such markets now make up a fifth of its global revenues with India delivering the highest growth at 24%, while China contributed 11% and Brazil, 10%.
Dennis Nally, PwC’s global chairman said: “This strong performance was despite economic challenges in some countries, increased regulation and stiff competition in all our markets. Overall, we’re optimistic about prospects for the global economy in the year ahead, and expect global GDP growth to increase to 3.2% in 2015.”
PwC’s network of firms in the Middle East and Africa delivered glowing revenue increases of 16%, closely followed by South America at 13%.
The more mature North American market grew revenues by 7%, while Western Europe offered up a 4% rise – led by the UK at 5% and Germany at 4%. Its Eastern European cousins could only muster 3%.
Growth from its Asian business, particularly China, India and Japan, were 9% up , from 2% in 2013.
PwC in Australasia and the Pacific Islands returned a 4% uplift in revenue, driven by its growing advisory services market.
PwC’s largest business – its assurance practice which accounts for 45% of global revenues – grew 3% to US$15.1bn.
Its advisory practice – responsible for 29% of worldwide revenues – leapt 10% to US$10bn.
The acquisition of Booz and Company in the last quarter of 2014, now rebranded Strategy&, is expected to deliver strong growth next year, the firm said.
PwC’s tax practice, meanwhile, grew 8% to US$8.8bn in 2014, retaining the firm’s coveted mantle as the largest tax practice in the world.
The firm bolstered its employee base by 45,000 in 2014, including 20,000 new graduates, to swell its global workforce to over 195,000.