Big Four accounting network PwC reported total global gross revenues of U.S. $35.9 billion for the fiscal year that ended June 30, an increase of over 7 percent.
The firm said that growth was strongest in developing markets, with revenues from Asia increasing 10 percent, tying with Central and Eastern Europe, while those from South and Central America grew 9 percent, those from North American and Caribbean grew 8 percent, and revenues from Western Europe up 6 percent.
In terms of practice area, assurance services, including IT, risk and data assurance, grew 6 percent, to $15.3 billion. Advisory service revenues hit $11.5 billion, up 8 percent, with "excellent growth" in consulting, forensics and deal-related work. PwC said that a strong market for deals also boosted its tax operations, which hit $9.1 billion in revenue, up 7 percent.
"Our revenue growth in FY16 across all major markets and businesses is testament to our fundamental purpose of building trust and solving problems," PricewaterhouseCoopers International chairman Bob Moritz said in a statement. "To secure future growth, we are investing heavily in technology to enhance the quality and impact of our services and make the best use of the skills of our people."
"The world is changing rapidly and we are planning for the services our clients, capital markets and other stakeholders will need tomorrow, as well as serving their needs today," he added. "Whether it's the tax and audit services of the future, transformational consulting, blockchain or augmented reality, we are implementing a strategy to meet the long-term needs of our stakeholders and the career aspirations of our people."
People at PwC
The network also released a number of staff-related figures. To start, it added a record 58,081 people in FY 16, including 26,780 graduates, growing its number of employees by over 7 percent, to more than 223,000 people. The biggest increases were in Asia and Central and Eastern Europe.
Just over half of new graduate recruits were female, and of the 665 partners admitted in fiscal 2016, 27 percent were female, a percentage that has been increasing for the past three years.
"We have an unwavering commitment to diversity and inclusion," Mortiz said. "With the increase in female partners admitted this year and the highest ratio of female leaders in our history on our global leadership team, we are making progress; but there is much more to do."
The network noted that its member firms and employees donated $63 million and more than 820,000 working hours to community activities over FY 2016.
For more, visit PwC's FY16 Global Annual Review, an online digital experience that uses video, graphics and stories to describe the firm and its performance.
The headline on an earlier version of this story gave incorrect amounts for the network's global revenue, and for the amount that it had donated in FY 2016.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access