PwC announces record global revenues of US$50 billion
PR98133
LONDON, Oct. 4, 2022 /PRNewswire=KYODO JBN/ --
- Revenues up 13.4% with increasing demand for services globally
- Workforce grows to nearly 328,000 people, creating 32,000 net new jobs
- The New Equation strategy rolled out globally; helping clients build
trust and deliver sustained outcomes
- US$3.1 billion of investment in capabilities building
PwC firms around the world achieved gross revenues of US$50.3 billion – up
13.4% in local currency and 11.4% in US dollars for the 12 months ending 30
June 2022. Revenue growth was strong throughout the year, following the rebound
in the last quarter of FY21 as the impact of the COVID-19 pandemic subsided.
"In a year of rapid change and numerous challenges globally, our talented
people used their broad and diverse range of capabilities to support our
clients and stakeholders and to make positive contributions to society. The
results we achieved in FY22 are a direct outcome of our strategy, The New
Equation, which we launched in June 2021. Its impact is apparent in our
financial performance. For the first time, PwC firms across the world earned
gross annual revenues of more than US$50 billion. During a difficult year for
the global economy, we achieved growth in all businesses while also
repositioning our portfolio including 17 acquisitions and the disposal of our
Global Mobility & Immigration business," said Bob Moritz, PwC's Global Chairman.
Strong performance across the world
Across our network, PwC's community of solvers is bringing our strategy,
The New Equation, to life, helping clients with what they tell us they need
most – to build trust and deliver sustained outcomes. The growth numbers for
the full FY22 year (
) reflect an increase in activity as the COVID-19 pandemic abated and as our
firms managed challenges from geopolitical conflicts, including our decision to
cease operations in Russia.
- Our revenues in the Americas showed strong growth of 16%, after a flat
performance in FY21. The US grew by 17%. Revenue growth across South and
Central America was strongest in Brazil, which reported an increase of 21%.
- Asia Pacific revenues were up 14%, with strong performance from South
Korea, which posted a year-on-year revenue increase of 23%, India which posted
growth of 21%, China which recorded growth of 13%, and Australia which reported
growth of 17%.
- Europe, Middle East and Africa (EMEA) revenues were up by 10%. In the
UK and Middle East combined revenues rose by 12%, in Germany they increased by
14%.
Growth reflected in all businesses
The New Equation strategy, built on our multidisciplinary model, enables us
to bring the breadth of our capabilities from across our network to better
serve our clients, helping them build trust for their stakeholders and deliver
sustained outcomes. In a challenging and complex environment, The New Equation
is delivering results for our clients and growth for PwC.
For example, the strong Deals environment has driven demand across all
businesses as we supported transactions and helped acquirers create and
preserve value as they sought to move from 'transact to transform'. Leveraging
our broader community of solvers, working with our alliance partners, we have
enabled organisational transformations, ensuring change is sustained with the
support of colleagues in our workforce business.
Assurance: Revenues from our Assurance business grew by 7.6% to US$18
billion (FY21: US$17.1 billion). Audit remains the cornerstone of our brand and
the key driver for growth in our Assurance business. Our audit business
continued to grow over the last year as we managed complex market dynamics such
as auditor rotation, regulation and intensifying competition. We see increasing
demand for assurance over a range of nonfinancial information such as ESG
disclosure as companies seek to build trust in new areas. We expect this trend
to continue in the future.
Advisory: Our Advisory revenues rose by 23.5% to US$20.7 billion (FY21:
US$17 billion). This growth was driven by strong demand for technology-enabled
business transformation, both enterprise-wide and within specific business
functions, such as finance, the front office and human resources. This included
helping many clients migrate to cloud environments. Demand for sustainable and
tax efficient supply chain transformation was high, given widespread
disruptions.
Tax & Legal Services (TLS): Revenues from our Tax, Legal and People
business grew by 6.8% to US$11.6 billion (FY21: US$11 billion). Due to the
changing tax landscape, companies continue to face challenges in meeting their
reporting obligations, which is driving demand for integrated compliance
services and managed services. The current year's results included only 10
months of our Global Mobility & Immigration business. Its sale reduced
year-on-year revenue growth from 8.7%. We expect accelerated growth in the
future as the transaction has already enabled increased investment and
prioritisation of capabilities to be built in our TLS business and the wider
network.
Investing in a sustainable future
Continuing to invest in our business is central to The New Equation
strategy. Across our network we invest in our people to build their skills and
capabilities, in new technologies that enable us to better serve clients, in
the quality of our work and in new products and services. We invested US$3.1
billion across our network in the last 12 months, including US$507 million
invested in training and upskilling our people to solve the challenges of
tomorrow. We are also investing US$1 billion in a multi-year program to deliver
a new audit ecosystem for our next generation audit.
As part of our investment programme in FY22, PwC firms completed 17
acquisitions (FY21: nine) around the world, expanding our professional
capabilities in key areas.
Building trust with a relentless focus on quality
Quality is at the heart of what we do. We continually strive to improve and
enhance the quality of our services. Across our global network, we continue to
foster a culture rooted in our PwC values and emphasise that integrity and
quality are everyone's responsibility. Having partners and staff in PwC with a
wide range of talent and experiences, whether it be audit, accounting, tax,
actuarial, technology or other capabilities, is key to delivering high-quality
work, which is why PwC is fully committed to remaining a multidisciplinary
network.
Quality and trust go hand-in-hand. Building trust is central to our
strategy and to our clients' needs. This past year we opened our Trust
Leadership Institute (
https://www.pwc.com/us/en/about-us/tomorrow-takes-trust/trust-leadership-institute-overview.html
) in the US as a way to create powerful learning opportunities to embed a
culture of trust across organisations. Our Asia Trust Leadership Institute is
scheduled to open in FY23.
As part of our Global Annual Review, we publish our internal audit
inspection results. For the 2022 inspection cycle, of the 1,615 audit reviews
completed to date through our internal inspection process, 58 (3.6%) were rated
as non-compliant. We continue to invest in enhancing audit quality, and we
remain fully committed to a culture of continuous improvement. We believe that
the continued involvement of a broad range of skills and expertise is critical
to ensuring audit quality, underscoring the importance of our community of
solvers to all of our business areas.
Enabling our workforce
A diverse workforce of talented motivated people is what drives our
strategy and our growth. Our global community of solvers grew to nearly 328,000
professionals in 152 countries around the world in FY22. We created more than
32,000 net new jobs, welcoming 148,000 new joiners in FY22 including interns –
up 90,273 from the prior year. We are ahead of pace with our target set last
year to hire 100,000 (net) additional professionals by 2026.
We are investing heavily in our people both in terms of remuneration and
benefits as well as offering flexibility and opportunities for growth.
Following the launch of our digital upskilling initiative in 2019, over 206,000
of our people have received digital training.
Today, ESG skills are increasingly like digital skills; everyone needs to
have a certain level of competency. To date, more than 100,000 PwC people have
undertaken ESG training through our Global ESG Academy. In addition, we are
expanding our global ESG Centres of Excellence to better enable our people to
learn and to support them in their work.
Key to building a strong community of solvers is making PwC a great place
to work. We continue to try to improve the quality of our employees'
experiences with us. We've developed new ways to support, care for and upskill
our people as the world of work recalibrates to a new normal following the
COVID-19 pandemic. In the last financial year, for example, we supported our
people with more flexible and hybrid working options, better access to
training, more competitive remuneration, and a continued push to enhance
inclusion and diversity.
Helping achieve positive outcomes for society
We believe that PwC has an important role to play in helping to address
society's challenges. One of the most difficult situations in the past year has
been Russia's invasion of Ukraine. Along with many multinational organisations,
we made the decision to cease our operations in Russia. Further, PwC employees
and member firms across the globe have donated approximately US$5.3 million in
financial aid to causes that support Ukraine.
Our people give their time and skills every year to support the communities
where they live and work, supporting organisations from small local charities
to national and global NGOs. This past year, PwC volunteers across our network
gave 789,000 hours of their time to good causes. Since 2018, we have reached
more than 20 million beneficiaries.
We strive to be accountable for our own performance as a network and in our
Global Annual Review we are reporting on the World Economic Forum's Stakeholder
Capitalism Metrics – both core and expanded – that are relevant to our
business. We fully or partially comply with 35 of 42 relevant metrics. In
addition, we're reporting on our global climate performance using the rigorous
framework of the Taskforce for Climate-Related Financial Disclosures (TCFD).
We are on track to meet our net zero commitment by 2030, which includes a
50% reduction in scope 1 & 2 greenhouse gas emissions vs FY19 and also cutting
indirect scope 3 emissions from business travel by 50% vs FY19. We have
transitioned to 100% renewable electricity in our 21 largest firms and from
next year, all of our firms have committed to offsetting 100% of energy and
mobility emissions.
We are engaged in a wide range of strategic alliances and global forums,
shaping strategic discussions while sharing our ESG and climate expertise. In
FY22 we convened business leaders and participated in strategic alliances to
advance progress on ESG issues.
"PwC strives to be a force for good. We believe business has a
responsibility to be part of the solution to society's challenges. We are
dedicated to working together with our clients, communities and all of our
stakeholders to have a positive impact, building public trust in society,
fueling progress on ESG to create sustainable outcomes, and helping all of our
people to reach their potential," said Bob Moritz.
Economic Outlook
Our economists expect the remainder of 2022 and 2023 to be challenging for
the global economy. We project that global real GDP will increase by around 3%
for the full year 2022 in market exchange rates, with growth slowing in 2023 to
just over 2%, though there remains considerable uncertainty.
However, the challenging economic conditions are driving our clients to
confront challenges and think of new ways to build trust with their
stakeholders. We remain confident in our strategy to support them. PwC's
performance for the first two months of FY23 remains strong in all businesses
with a growing pipeline of opportunities.
Aggregated revenues of PwC firms by geographic region (US$ millions)
FY22 at FY22 FY21 at FY21 % change at constant
exchange rates exchange rates % change exchange rates
Americas 21,336 18,309 16.5 16.3
Asia Pacific 9,862 8,862 11.3 14.0
EMEA 19,096 17,971 6.3 10.0
Gross revenues 50,294 45,142 11.4 13.4
Aggregated revenues of PwC firms by business (US$ millions)
FY22 at FY22 FY21 at FY21 % change at constant
exchange rates exchange rates % change exchange rates
Assurance 18,009 17,073 5.5 7.6
Advisory 20,708 17,029 21.6 23.5
Tax and Legal
Services 11,577 11,040 4.9 6.8
Gross revenues 50,294 45,142 11.4 13.4
The percentage changes at constant exchange rates reflect local currency
growth without the impact of US dollar exchange rates. FY22 revenues are the
aggregated revenues of all PwC firms. They are expressed in US dollars at
average FY22 exchange rates. FY21 aggregated revenues are shown at average FY21
exchange rates. Gross revenues are inclusive of expenses billed to clients.
FY21 figures have been restated to reflect current business structures in
operation in FY22. Interterritory revenues are not included in the aggregated
figures.
About PwC
At PwC, our purpose is to build trust in society and solve important
problems. We're a network of firms in 152 countries with nearly 328,000 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.
To learn more, read PwC's 2022 Global Annual Review (
) or to watch PwC's Global Chairman Bob Moritz's video.
https://www.pwc.com/annualreview
Video - https://mma.prnewswire.com/media/1912847/PwC_Video.mp4
Photo -
https://mma.prnewswire.com/media/1912808/PwC_Global_Annual_Review.jpg
Logo - https://mma.prnewswire.com/media/1121790/PWC_Logo.jpg
Source: PwC
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