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Solid revenue rise for PwC in ‘challenging economies’

Professional services firm PwC saw global revenue rise by four percent in the fiscal year ended June 2013.

PwC reported record total gross revenues of $32.1 billion for the year.

All of PwC's largest firms and each of its major service lines continued to grow, a strong performance amid challenging markets and circumstances, PwC said.

PwC Bermuda employs more than 220 people.

Darren Johnston, CEO of PwC Bermuda, told The Royal Gazette: “The difficult economies here in Bermuda and around the world over the past year have been challenging for our clients, and as a result, we continue to work closely with them to help navigate, transform their operating models and build value for their customers.

“Looking ahead, it appears that the economies of the US and Europe are showing signs of turning the corner, and so we are hopeful the Island's economic prospects will improve during the upcoming years.”

The firm said the Americas, Middle East, and Africa continued strong growth, while revenue was up in Europe despite a tough economy.

PwC said it welcomed 38,000 new recruits in fiscal 2013 and its total workforce has climbed to 184,000.

It said it plans to invest $1 billion in growth markets and businesses.

Dennis M Nally, chairman of PricewaterhouseCoopers International, commented: “Over the next three years we plan to invest over US$1 billion in the development of PwC's operations around the world, with a particular emphasis on emerging markets, and growing client offerings such as cyber security services and risk assurance.

“Economic growth in the developing markets, though slowing, continues to outpace expansion in the more established economies.

“After five years of crisis, recession and slow growth, we see some positive signs of sustainable recovery. The US and Japan have returned to growth and the Eurozone is emerging from recession.

“On balance we are cautiously optimistic, and predict real global growth in the coming year of three percent.”

Record global revenue: The PwC Bermuda office, pictured here, employs more than 220 people.

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Published October 10, 2013 at 9:00 am (Updated October 10, 2013 at 11:43 am)

Solid revenue rise for PwC in ‘challenging economies’

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