PricewaterhouseCoopers took back the lead in global revenues from Deloitte Touche Tohmatsu, posting $29.2 billion in annual revenue worldwide.
PwC said its financial results for the fiscal year ending June 30, 2011, represented a 10 percent increase over its performance in fiscal year 2010, or 8 percent using constant exchange rates. Last month, Deloitte announced global revenues of $28.8 billion (see Deloitte Sees Record Revenues Despite Economy).
The firm also announced plans Monday to recruit 20,000 graduates in fiscal year 2012 on top of the nearly 169,000 employees it already counts. The firm also intends to offer training internships to 10,000 students to introduce them to professional services.
"At PwC our goal is clear,” chairman Dennis M. Nally said in a statement. “We want to be the leading professional services network in the world, measured not just by revenues, but by the quality of our work, the talent of our people and the strength of our brand. The strong revenue growth across our network is the result of the commitment by PwC firms to continue to recruit the best people and to invest in both them and the quality service they provide. PwC has the strongest global network in our business and the most talented people. This combination gives us a real competitive advantage in the quality of work we are able to provide to our stakeholders."
Assurance revenues worldwide at the firm grew 7 percent to $14.1 billion, while the advisory businesses grew 20 percent to $7.5 billion, mainly driven by PwC's consulting businesses, particularly in the U.S., and from a series of strategic acquisitions around the world. Tax revenues in fiscal 2011 rose 8 percent to $7.6 billion.
The PwC network saw increases in revenue in all of its geographic regions, with the Australasia region soaring 38 percent, the Middle East and Africa climbing 20 percent, and Asia rising by 14 percent. PwC member firms also returned to growth in the Americas. North American revenues rose 10 percent and the growth rate in South and Central America doubled to 23 percent. Revenues grew more modestly in Western Europe by 4 percent, and in Central and Eastern Europe by 7 percent, in part due to the economic problems in Europe.
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