PricewaterhouseCoopers 2008 Revenues Rose 8 Per Cent to US$28.2
PwC Global Network Approves Adoption of New Regional Structure
* Revenues surge 21 per cent in emerging economies
* Advisory business up 14 per cent; Tax grows 13 per cent
* India, China, Hong Kong, Central and Eastern Europe, Middle East
LONDON, Oct. 1, 2008 (GLOBE NEWSWIRE) -- PricewaterhouseCoopers today
disclosed that total gross revenues for its worldwide network of
firms rose to a record US$28.2 billion for the fiscal year ended 30
June 2008, an increase of 8 per cent at constant exchange rates. At
variable rates of exchange, growth was even higher at 14 per cent.
PricewaterhouseCoopers also reported that its global network of firms
has voted to adopt a new organisational model, dividing the network
into three major clusters led by the senior partner of the leading
national firm in each cluster. The East Cluster will be led by Silas
Yang, senior partner of PwC China; the Central Cluster by Ian Powell,
senior partner of PwC UK; and the West Cluster by Dennis Nally,
senior partner of PwC US.
Revenue growth remained buoyant across all three of PwC's main
service offerings. Growth from PwC's advisory business increased by
14 per cent to US$6.9 billion, driven by good performances in all
major markets, a fast maturing consulting business, which continues
to grow market share, and a very strong performance from transactions
related business, despite the slowing market for mergers and
Revenues from tax operations were up 13 per cent to US$7.5 billion,
reflecting strong growth across the full range of service offerings.
For the first time, tax and advisory accounted for more than half of
PwC's global revenues, 51 per cent, compared with 48 per cent in
FY2007 and 44 per cent four years ago.
PwC's assurance practice reported revenues of US$13.8 billion, up 3
per cent, reflecting the difficult market conditions, a slowdown from
the extremely high growth in this area in previous years, changing
regulatory requirements and the very competitive nature of the
All PwC member firms across the world increased revenues in FY2008
with many major regions boasting strong growth rates. There were
particularly good results from firms in Asia, which saw revenues
increase by 21 per cent, while firms in the Middle East and Africa
enjoyed revenue growth of 20 per cent.
Firms in Central and Eastern Europe also performed well, with
revenues up 20 per cent, while Western Europe continued to
demonstrate strong growth, with revenues up 8 per cent. North
American firms saw revenues grow by just 2 per cent reflecting
difficult economic conditions.
Revenue growth was robust in some key developing markets with
particularly impressive results in China, India, the Middle East and
Central & Eastern Europe. In addition, some of the developed markets
such as Australia, Germany, Japan and Korea also grew very strongly.
"Our member firms around the world continued to produce good results
in FY08 reflecting our strategic focus on key emerging economies, and
PwC's strong position as the premium brand in many of our markets",
said Samuel A. DiPiazza Jr, CEO PricewaterhouseCoopers International.
"Despite the challenges posed by the continuing credit crunch,
particularly in developed markets, PwC's results held up well, and
all of our lines of business and firms continue to grow."
"I am also delighted that our firms around the world have given the
new PwC network structure such a strong endorsement. This new
structure will give us the agility and speed needed to continue our
expansion in the emerging markets. It will allow us to more closely
align our strategy around the world, further improve the integrated
service we offer clients and maintain our approach of local delivery
of global services", added Mr DiPiazza.
The new structure is effective immediately. PwC member firms will
continue to be locally owned and managed partnerships, preserving the
organisation's entrepreneurial culture and retaining a high level of
accountability to stakeholders and regulators.
In addition, the standards that all PwC member firms are required to
follow are being updated and expanded to reflect the increasingly
global nature of the services offered to clients and the need for
global consistency across an ever-widening range of areas.
Notes to editors: Tables attached.
PricewaterhouseCoopers provides industry-focused assurance, tax and
advisory services to build public trust and enhance value for its
clients and their stakeholders. More than 154,000 people in 153
countries across our network share their thinking, experience and
solutions to develop fresh perspectives and practical advice.
"PricewaterhouseCoopers" refers to the network of member firms of
PricewaterhouseCoopers International Limited, each of which is a
separate and independent legal entity.
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