PwC global revenue rises by 9.9%, hit $53.1bn

PricewaterhouseCoopers (PwC), a British multinational professional services firm operating in Nigeria and 157 other countries, has reported that its global revenue rose by 9.9 percent, hitting a significant milestone of $53.1 billion for the 12 months ending June 30, 2023.

In a press release made available to BusinessDay, PwC noted that this remarkable growth in revenue was a combination of a 9.9 percent increase when measured in local currency and a 5.6 percent rise when assessed in US dollars.

It said, “For the 12 months ending June 30, 2023, PwC firms around the world reported record gross revenues of US$53.1 billion, growing by 9.9 percent in local currency and 5.6 percent in US dollars over the FY22 gross revenues of US$50.3 billion.

“Growth from continuing operations, excluding Russia, which left the PwC network on July 4, 2022, and our Global Mobility and Immigration business, which was sold on April 29, 2022, increased by 11.8 percent, reflecting the quality of the work delivered by over 364,000 professionals around the world and the power of the PwC brand.”

In its explanation of its revenue for the year under review, the global consultancy firm said that despite a challenging economic environment, Nigeria and the rest of Africa collectively managed to achieve a commendable growth of 4.1 percent, with South Africa being a key contributor to this positive performance.

On a broader scale, the Europe, Middle East, and Africa (EMEA) region saw a significant 10.2 percent growth in its revenue, and there were notable increases in consolidated revenues from the UK and Middle East, which surged by 16 percent, as well as Germany, where revenue expanded by 13.1 percent.

India’s impressive performance in the previous year, marked by a remarkable 24 percent increase in revenue, played a pivotal role in driving the growth of Asia Pacific revenues, which saw a substantial rise of 7.2 percent.

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On revenues from other countries, PwC said, “Across the Americas, revenues were up by 10.7 percent, with the US growing by 11.2 percent and Canada by 4.5 percent (10.9 percent for Continuing Operations). In Brazil, which for the second year posted the strongest revenue growth across South and Central America, revenues were up by 14.3 percent.”

Regarding its core lines of business, encompassing assurance, advisory, tax, and legal services, the consulting firm clarified that it achieved significant revenue growth in each category. Specifically, revenue increased by 8.9 percent, 13 percent, and 12.5 percent in assurance, advisory, and tax and legal services, respectively. This resulted in revenue figures of $18.7 billion, $22.6 billion, and $11.8 billion for these respective services.

The primary factors contributing to PwC’s revenue growth, as described by the firm, are “its clients’ focus on the need to digitally transform their business models” for its advisory segment. While a “deliberate focus on increasing demand for assurance over a range of non-financial information, such as cyber and ESG disclosure, as companies seek to build trust with their stakeholders in new areas,” helped drive growth in its global assurance business,

In regard to PwC’s accomplishment, Bob Moritz, the Global Chair, said, “Our focus on delivering the quality services that our stakeholders need to prosper today and to prepare their organisations for the future has driven another year of growth for us. As we come up to our 175th anniversary, we continue to invest in the future of our network with strategic acquisitions in key growth areas and a drive to expand our workforce and continue to acquire a broad and diverse range of talent. Providing the best quality services we can is the focus of all of my colleagues around the world and the foundation of our success. I am proud of the hard work and dedication our PwC people have shown over the last year.”

Also speaking on PwC’s achievement was Dana McIlwain, Chief Administrative Officer and Global Operations Leader, PwC US, who said, “Delivering high-quality work is at the heart of what we do at PwC, and it is rightly what our stakeholders expect of us. Quality outcomes require the right culture, which requires the right leadership that sets the tone from the top and a comprehensive and proactive system of quality management. And, when we don’t meet our quality standards, we learn from the experience, hold ourselves accountable, and work to get better.”