Big Four firm PricewaterhouseCoopers and its global network reported combined member firm revenues of $20.3 billion for the year ended June 30, 2005, a nearly 17 percent rise in U.S. dollars versus the previous year.
In local currencies, the firm's revenue growth was about 12 percent. Excluding expenses reimbursed by clients, net aggregate revenues for the global network were $19 billion in U.S. dollars.
"PricewaterhouseCoopers' aggregate revenue increase was driven by increased demand for our services, by new regulatory requirements in a number of major capital markets and by a favorable global economic climate," said global chief executive Samuel A. DiPiazza Jr., in a statement. "The continuing expansion of emerging economies in Asia and South America also fuelled overall growth."
On a regional basis, revenue growth was highest in South America at nearly 22 percent.
According to the review, PwC firms achieved double-digit growth in each major client segment -- top-tier audit clients, non-audit clients and private companies/middle market - as well as in every industry sector.
In local currency terms, advisory services revenues rose 16.6 percent for the year. The company attributed this growth to services provided to non-audit clients and private companies. Following two years of declining or flat revenues, tax and human resources services grew by 5.5 percent, and revenue from assurance services increased 14.6 percent as regulatory changes and investor expectations fueled increased demand and higher service levels, PwC said.
In the review, DiPiazza offered his perspectives on the future priorities and direction of the PricewaterhouseCoopers global network and on the pressing issues facing the profession. The review also offers insight into the firm's worldwide investments in markets and people over the past fiscal year, including:
- PwC investing more than $200 million in China, with PwC China now employing 6,500 people and expected to reach 10,000 within five years;
- PwC firms hiring over 13,000 graduates and 10,000 experienced professionals; and,
- PwC training 17,000 people in two new Public Company Accounting Oversight Board standards.
