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 growth was about 12 percent. Excluding expenses reimbursed by clients, net aggregate revenues for the global network were $19 billion in U.S. dollars.
On a regional basis, revenue growth was highest in South America, at nearly 22 percent.
The review said that 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 firm attributed this 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.
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.
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