| | PricewaterhouseCoopers
has disclosed that total
gross revenues for its
worldwide network of
firms rose to a record
$28.2bn for the fiscal
year ended 30 June 2008,
an increase of 8% at
constant exchange rates.
At variable rates of
exchange, growth was
even higher at 14%.
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% to
$6.9bn, 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
acquisitions.
Revenues from tax
operations were up 13%
to $7.5bn, reflecting
strong growth across the
full range of service
offerings. For the first
time, tax and advisory | |
| |
| | results from firms in
Asia, which saw revenues
increase by 21%, while
firms in the Middle East
and Africa enjoyed
revenue growth of 20%.
Firms in Central and
Eastern Europe also
performed well, with
revenues up 20%, while
Western Europe continued
to demonstrate strong
growth, with revenues up
8%. North American firms
saw revenues grow by
just 2%, 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.
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. | |
|
| | accounted for more than
half of the
organisation’s global
revenues, 51%, compared
with 48% in 2007 and 44%
four years ago.
PwC’s assurance
practice reported
revenues of $13.8bn, up
3%, 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 assurance
market.
All PwC member firms
across the world
increased revenues in
2008 with many major
regions boasting strong
growth rates. There were
particularly good | |
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