| PwC 2009 global revenues fall 7% |
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| | PricewaterhouseCoopers
(PwC) said total gross
revenues from operations
for its worldwide
network of member firms
rose marginally at
constant exchange rates
for the fiscal year
ended 30 June 2009.
However, adjusted for
foreign exchange
fluctuations,
particularly the
strengthening of the US
dollar, PwC's FY2009
network revenues were
US$26.2 billion, a
decline of 7.1 per cent
from the previous
12-month period.
Revenues continued to
grow for PwC's core
Assurance services,
where revenues of
US$13.1 billion were up
by 2 per cent despite | |
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| | the impact of the
recession, reflecting
both the market-leading
strength of the business
and its continued focus
on improved customer
service and very
competitive pricing.
Tax revenues remained
steady at US$6.9
billion. Growth in
revenues from this area
was impacted by the
worldwide decline in
corporate deals and
restructuring work.
PwC's Advisory
operations were hardest
hit by the recession.
However in the
circumstances they
continued to hold up
well with revenues of
US$6.1 billion, down by
3 per cent. This fall in
revenues was driven by | |
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PwC UK posts
revenue growth of 1%
PwC in the UK said
turnover for the year
ended June 2009 reached
£2.25 billion up from
£2.24 billion, a
marginal increase on the
previous year, with
underlying net revenue
increasing 1% to £1.98
billion.
The advisory business
achieved growth of 5% to
£737 million with the
assurance and tax
businesses seeing small
declines in turnover of
1% to £861 million and
4% to £650 million
respectively.
Ian Powell, UK
Chairman, commented:
“This year has been one
of general economic | |
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| | turmoil and against this
backdrop our results
represent a solid
financial performance as
we held our nerve and
stayed close to the
market and our clients.”
Profit available for
division among members
increased by £3m to £667
million, but profit per
partner at £777,000
decreased by 3% from
£797,000. Powell will
take home the largest
entitlement to profit at
£3.3 million.
Commenting on the
firm’s outlook, Powell
said: “The outlook in
the UK remains uncertain
in an environment where
consumer confidence
remains fragile and
business investment
slow.” | |
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| | the sharp drop off in
transactions and initial
public offerings, as
well as by cuts in
discretionary spending
by clients. The drop was
partially offset by a
rise in restructuring
work.
"The ability of so
many PwC member firms to
successfully sustain
their business and their
people through this
difficult period
provides us with a
strong platform from
which to serve clients
in the recovery and to
continue to invest in
our own growth," said
PwC Global Chairman
Dennis M. Nally."
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