PwC sees global revenue grow to $37.7B
PricewaterhouseCoopers reported 7 percent revenue growth worldwide Wednesday for fiscal year 2017, reaching a record $37.7 billion.
PwC said all of its lines of business grew strongly over the course of the year, led by the advisory business at 7.9 percent, growing to $12.3 billion. The assurance business grew 6.0 percent to $16.0 billion, while the tax and legal business grew a combined 5.8 percent to $9.5 billion. PwC recently announced plans to open a law firm in the U.S. known as ILC Legal (see PwC to launch law firm). PwC's global legal services network currently has 3,300 lawyers in more than 90 countries.
The network’s total workforce worldwide rose to 236,000, and PwC made 19 acquisitions around the world in fiscal 2017. PwC also made a record number of 862 people partners in the firm and recruited more than 28,000 graduates.
“As the world changes and our clients’ businesses evolve, so PwC has been changing to meet the growing and increasingly complex needs of a much broader range of stakeholders and society at large,” said PwC global chairman Bob Moritz in a statement. “Our strategy of investing heavily in technology, quality, innovative new services and recruiting top talent paid off with strong revenue growth across all our lines of business, both new and established, in FY17.”
In the Americas, PwC revenues grew nearly 7 percent. In Western Europe, PwC saw steady growth of 4 percent, and much stronger growth in Central and Eastern Europe where revenues increased 13 percent.
Revenue growth in Australasia and the Pacific doubled compared to last year, increasing 10 percent, while sales from Asia also grew 10 percent. Revenues in the Middle East and Africa grew 4 percent.