By Maximilian Clarke
PricewaterhouseCoopers (PwC) has swelled revenue at the fastest rate since 2008, seeing the ‘big four’ auditor re-emerge as the world’s largest professional services firm.
A 10% year-on-year revenue growth pushed the firm’s total to $29.2bn, allowing the London-headquartered firm to boost headcount to nearly 169,000 through the introduction of 10,000 student internships.
"The strong revenue growth across our network is the result of the commitment by PwC firms to continue to recruit the best people and to invest in both them and the quality service they provide,” commented Dennis M Nally, Chairman of PricewaterhouseCoopers International Ltd.
“PwC has the strongest global network in our business and the most talented people. This combination gives us a real competitive advantage in the quality of work we are able to provide to our stakeholders”, added Mr Nally.
PwC's Assurance revenues grew by 7 %, to US$14.1 billion, an excellent performance in light of the fiercely competitive market for audit and accounting services around the world and downward pressure on prices which masks even stronger underlying growth.
Geographically, the PwC network enjoyed increases in revenue in all of its regions with Asia rising by 14%, Australasia by 38%, and the Middle East and Africa by 20%. PwC firms also returned to growth in the Americas; North American revenues rose by 10% and the growth rate in South and Central America doubled to 23%. Growth was more modest in Western Europe at 4%, and Central and Eastern Europe at 7%, but still solid given the economic circumstances.
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