Singapore, 2 October 2018– For the year ending 30 June 2018, PwC firms around the world earned total gross revenues of US$41.3 billion. Topping US$40 billion for the first time – and marking 21 years of uninterrupted revenue growth. In local currency revenues grew by 7% and in US dollars by 10%.
For the 12 months ending 30 June 2018, PwC’s revenues were US$41.3 billion – up 7% – while investing and repositioning our portfolio – marking 21 years of growth. Revenues were up across all PwC’s operations, boosted by continued significant investments in quality, new technologies, services and talent.
In the Americas, revenues grew by 4% with a particularly strong performance from operations in the United States. Growth in Western Europe was stronger than the previous year, up by over 6% in FY18, and remained very buoyant in Central and Eastern Europe where revenues were up 10%. Revenue growth from the Middle East and Africa was impressive at 12%.
Across Australasia and the Pacific, revenue growth was 7% while PwC’s strongest growth was in Asia where revenues were up 15%.
Assurance: PwC’s Assurance operations have continued to grow; up 4% to US$17.1 billion which is very impressive given the intensely competitive nature of the assurance market around the world.
Our audit business has grown in all our major markets including those impacted by mandatory audit firm rotation. The market has been attracted to our market-leading audit technology.
The increasing complexity of business, the emergence of new technologies, the regulatory environment and increasing stakeholder interest have driven demand for our broader assurance services, particularly in areas such as cyber security and privacy, advanced data analytics, as well as enterprise systems solutions. Companies are seeking broader digital solutions and insights to address governance, risk and compliance.
With 107,000 people in our practice, PwC is the largest audit and accounting network in the world.
Advisory: PwC’s Advisory business grew 10% to US$13.8 billion in FY18; a very strong result on the back of high growth in FY17. We saw particularly strong growth across our Deals businesses and our Strategy, Management and Technology consulting practices which demonstrates our success in providing value to clients across strategy-through-execution.
Building on our traditional strengths across business and technology, digital services in Advisory were accelerated in the past year with a focus on creating an engaging customer experience to drive innovative solutions and outcomes. We’re embedding this new Business, eXperience & Technology (BXT) methodology across our Advisory operations to help clients solve the needs of tomorrow’s customers. And the market is paying attention. Advertising Age now ranks PwC Digital Services as one of the largest digital networks in the world and the analyst community that reviews professional services has awarded 40 new ‘Leader’ ratings to PwC Advisory in the past year alone.
While PwC works across all sectors, we experienced particularly strong demand for our Advisory services in financial services, consumer markets, private equity, technology, media and telecoms.
Tax & Legal: PwC’s Tax & Legal revenues grew by 8% to US$10.4billion, driven by the scale and complexity of change in many domestic and international tax systems, including the impact of US tax reform.
This change and complexity has driven demand across the whole range of our services from domestic compliance advice to international tax and transfer pricing. We have experienced particularly strong demand for indirect tax advice such as value added tax and customs, underpinned by our new suite of cutting edge technologies in this area. In addition, our deals tax business experienced very strong growth, driven by our market leading position for M&A advice around the world.
Revenues from our global Legal Services business continue to grow as our reach and capabilities in this area expand. We now have over 3,500lawyers serving clients in over 90 countries. In the last few weeks we have also announced an alliance with leading immigration lawyers, which will augment the breadth and depth of our capabilities.
Demand for our services on HR transformation and labour mobility also grew strongly across the world with over 10,000 people now working in our People and Organisation network.
With over 50,000 professionals – who are enabled with the latest technologies – PwC has the largest tax and legal network in the world, focused on advising our clients in line with our Global Tax Code of Conduct and contributing to the dialogues about much needed change to tax systems locally and globally.