PwC reported total global gross revenue of $35.4 billion for FY2015, this was a rise of 10 per cent over the previous year.
Helped by its acquisition of Booz & Co (Now rebranded to Strategy &), PwC revenue “scraped” by Deloitte to take the title as the largest of the Big 4 accounting firms by revenue this year.
PwC hasnt been without its challenges this year, they are again being warned by regulators about the potential for conflicts of interest the “Big Four” face as they continue to expand beyond their core business of audit.
They are also the subject of a double probe from the Financial Reporting Council (FRC), the regulator for the UK’s accountancy industry into the role they played in recent scandals involving UK supermarket chain Tesco and banking giant Barclays.
PwC member firms in North America and the Caribbean continued to grow very strongly with revenue growth of 12%. Our largest firm, PwC US, enjoyed an impressive year with revenues up 10% to US$12.2 billion and strong growth in all lines of service.
Revenues from South and Central America remained buoyant, up 8% – although this growth is down from the previous year impacted by the tough ongoing economic conditions in Brazil.
Revenue growth in Asia was also strong in FY15 up by 9% to US$4.1 billion. PwC’s continued focus on service development and expansion in Asia paid dividends with PwC’s firms in China and Hong Kong growing by 8% and India by 17%. While the economic situation in China looks more challenging in the year ahead, we continue to be optimistic and believe we are well placed to enjoy growth in the year ahead.
Growth also increased impressively across Europe with revenues up 8% in Western Europe and 6% in Central and Eastern Europe. The UK firm, PwC’s second largest, also performed strongly with revenues up 9% to US$4.1 billion, recording particularly good growth in its Assurance and Advisory services. PwC’s firms in Italy grew by 11%, Germany 8% and France 6%.
PwC enjoyed double digit growth in the Middle East and Africa with revenues up 16%.
Growth was also good across the Australasia and the Pacific Islands region with revenues up by 11% with strong growth in Australia where revenues grew by 10%.
Dennis M Nally, chairman of PwC, said:
Our strongest growth for eight years is a result of the significant investment we have made in recruiting the best people, enhancing the quality of our services and building new product offerings such as data analytics. We have also continued to make key strategic acquisitions to complement and expand our core business.