PricewaterhouseCoopers announced that its gross worldwide revenues increased by 11 percent, to $22 billion, for the fiscal year ending June 30.
A year ago, the firm reported revenues of $20.3 billion for 2004-05 fiscal year, a nearly 17-percent rise in U.S. dollars from the previous year.
In a statement, global chief executive Samuel A. DiPiazza Jr. credited a strategy of regionalization and market segmentation with driving the growth for 2006, and said that the strategy will continue to be implemented in the coming year.
The Big Four firm said that it continued to see strong growth in all of its regions -- particularly in developing markets such as China and Russia. And while exact revenue figures were not broken out, for a second consecutive year the firm reported that most large PwC firms achieved double-digit revenue growth.
Among regions, double-digit percentage revenue increases were seen in:
- Central and Eastern Europe (up 26.4 percent);
- South and Central America (up 22.7 percent);
- The Middle East and Africa (up 16.8 percent);
- North America and the Caribbean (up 12.1 percent); and,
- Asia (up 11.9 percent).
Australia and the Pacific Islands saw growth of 9.6 percent; while Western Europe saw its revenues up 8.8 percent.Advisory was the firm’s fastest growing service line, with nearly 20 percent growth after implementing a globally coordinated market strategy and increasing focus on priority clients. Tax service revenues also grew 2.1 percent growth, credited mostly to a heightened emphasis on providing services to non-audit clients.
PwC’s assurance line also reported a leveling-off in demand for Sarbanes-Oxley related services, but still reported year-over-year revenue growth of 7.8 percent.
The revenue figures were released in tandem with the firm’s “2006 Global Annual Review,” which is available online at www.pwc.com/.
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