Accountancy and consulting firm, PwC, said it recorded global revenues of $53.1 billion in the fiscal year that ended June 30, reflecting 11.8% growth in local currency, excluding the impact of the sale of its immigration advising business in April 2022 and its pullout from Russia.
According to The Times, recently released data showed that the company’s revenue growth trailed behind its Big Four competitors, Deloitte and EY, in its most recent fiscal year.
Deloitte and EY released their results last month, indicating 14.9% and 14.2% yearly increase, respectively.
PwC’s Global Chair, Bob Moritz, stated that the company was in the midst of an investment phase that would pay off in subsequent years. This, he said, included a three-year hiring drive that will have added 100,000 people to the payroll by the middle of 2024.
The PwC’s company, like that of the other Big Four businesses, slowed in the most recent fiscal year after experiencing revenue growth of 13.4%.
Revenues in the consulting industry were $22.6 billion, up 13% but down sharply from a 23.5% increase the previous year.
Revenues from audits rose by 8.9% to $18.7 billion, while those from tax and legal services jumped by 12.5% to $11.8 billion.
PwC does not publish global profit data, but according to Moritz, margins have been pressured by inflation, including staff wage hikes, investment in emerging fields like artificial intelligence, and the closing of 17 acquisitions.
According to him, a more challenging economic environment will likely result in continued pressure on profits in the current fiscal year.
Despite this, PwC continues to grow its workforce, which reached 364,000 at the end of June. By the conclusion of the current fiscal year, it claimed, the total will reach 400,000, exceeding a goal of 100,000 net new employment created globally two years earlier.
According to Moritz, as new climate legislation takes effect, the employment pace will move to Europe from the Americas and Asia.
This, Moritz said, would increase demand for environmental data audits and consultancy services for the enterprises affected.
