No Match Found
Revenues grow by 9.9% in local currency and 5.6% in US dollars
More than 36,000 net new jobs created taking total workforce to more than 364,000
US$3.7 billion of new investment around the world including 17 acquisitions from cloud to climate change
LONDON, 24 October 2023 – For the 12 months ending 30 June 2023, PwC firms around the world reported record gross revenues of US$53.1 billion, growing by 9.9% in local currency and 5.6% in US dollars over the FY22 gross revenues of US$50.3 billion. Growth from continuing operations, excluding Russia which left the PwC network on 4 July 2022, and our Global Mobility and Immigration business which was sold on 29 April 2022, increased by 11.8%, reflecting the quality of the work delivered by over 364,000 professionals around the world and the power of the PwC brand.
“Our focus on delivering the quality services that our stakeholders need to prosper today and to prepare their organisations for the future has driven another year of growth for us. As we come up to our 175th anniversary, we continue to invest in the future of our network with strategic acquisitions in key growth areas and a drive to expand our workforce and continue to acquire a broad and diverse range of talent. Providing the best quality services we can is the focus of all of my colleagues around the world and the foundation of our success. I am proud of the hard work and dedication our PwC people have shown over the last year.” Bob Moritz, Global Chair, PwC said.
Revenues grow across the world
While some countries continue to battle high inflation and economic growth remains sluggish in a number of key economies, revenue growth was steady throughout the year across the PwC network.
Europe, Middle East and Africa (EMEA) revenues were up by 10.2%. Consolidated revenues from the UK and Middle East rose by 16% (18% for continuing operations), while in Germany they increased by 13.1%. Across Africa, revenues grew more slowly, up 4.1%, with a strong performance from South Africa, coupled with more challenging market conditions elsewhere across the continent.
Excluding revenues from Russia from the prior year, Central and Eastern Europe (CEE) saw growth of 15.2% as the economic impact of the war in Ukraine lessened across most of the region.
Asia Pacific revenues were up 7.2%, with a very strong performance from India, which was the fastest growing large firm in the PwC network with a revenue increase of 24%. Australia grew by 10.7%.
Across the Americas, revenues were up by 10.7%, with the US growing by 11.2%, Canada by 4.5% (10.9% for Continuing Operations). In Brazil, which for the second year posted the strongest revenue growth across South and Central America, revenues were up by 14.3%.
Strong results across all lines of business
Each of our lines of business saw revenues grow in FY23: Assurance by 8.9% to US$18.7 billion, Advisory by 13% to US$22.6 billion , and Tax and Legal Services up by 12.5% to US$11.8 billion.
Across the PwC network, we invested US$3.7 billion during FY23, following investments of more than US$3.1 billion in FY22.
In June 2021 we set ourselves a target to create 100,000 net new jobs by 2026. In FY22, we created more than 32,000 new jobs, and in FY23 we added more than 36,000 positions, taking our global community of solvers to more than 364,000 professionals in 151 countries around the world. At the current rate, we are on course to meet our target of 100,000 new jobs by 2024, two years ahead of schedule.
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 151 countries with over 364,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.
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Global Chairman of PwC
Marketing and Communication Leader, Romania