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PwC: Financial results for FY 2008

Revenues of PricewaterhouseCoopers, a global network of professional services firms, rose 8% to USD 28.2 billion in the financial year 2008 (ends on 30 June 2008). Revenues of the PwC firms in Central and Eastern Europe grew by 20%.

PricewaterhouseCoopers 2008 revenues rose 8% to USD 28.2 billion

• Revenues surge 21% in emerging economies
• Central and Eastern Europe grew by 20%
• Advisory business up 14%; Tax grows 13%

PricewaterhouseCoopers disclosed that total gross revenues for its worldwide network of firms rose to a record USD 28.2 billion 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%.

Revenue growth remained buoyant across all three of PwC’s main service offerings. Growth from PwC’s advisory business increased by 14% to USD 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 acquisitions.

Revenues from tax operations were up 13% to USD 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%, compared with 48% in FY2007 and 44% four years ago.

PwC’s assurance practice reported revenues of USD 13.8 billion, 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 FY2008 with many major regions boasting strong growth rates. Firms in Central and Eastern Europe that operate as one regional network achieved growth of 20%.

“I am delighted that PwC in the region is performing so strongly and believe that it is also the strength of the CEE network that boosts this performance. Our clients appreciate our ability to help them manage their business no matter in what countries they operate, and our people enjoy and benefit from many opportunities for learning and development across the region,” said Stephen Booth, Country Managing Partner, PricewaterhouseCoopers Česká republika, s.r.o.

There were particularly good results also from firms in Asia, which saw revenues increase by 21%. Firms in the Middle East and Africa enjoyed revenue growth of 20%, while firms in Western Europe continued to demonstrate strong growth, with revenues up 8%. North American firms saw revenues grow by just 2%, a reflection of the difficult economic conditions there.

“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.”