PwC’s global revenue growth lags big four rivals
PwC’s global revenue growth lagged behind its big four rivals Deloitte and EY in its latest financial year, according to newly published figures.
The accounting and consulting firm brought in record revenues of $US53.1 billion ($83.6 billion) globally in the year to June 30, representing local currency growth of 11.8 per cent, excluding the impact of the April 2022 sale of its immigration advisory business and its exit from Russia.
Bob Moritz, PwC global chairman: “It’s not about top-line growth, it’s about sustainable growth.” Bloomberg
Deloitte and EY reported their figures last month, showing annual growth of 14.9 per cent and 14.2 per cent, respectively.
Bob Moritz, PwC global chairman, said the firm was in the middle of a period of investment that would pay off in future years, including a three-year hiring spree that will have added 100,000 people to the payroll by the middle of 2024.
It has also been affected by losing big audit clients as a result of mandatory auditor rotation outside the US, and has yet to boost consulting work for those clients to compensate, he said.
The firm’s Australian operation has also been rocked by a tax leaks scandal which led to the forced sale of its public sector consulting arm for $1. Australian revenue still grew by 12 per cent, to $3.2 billion, in the year to June with the scandal hitting only the final months of its FY23 results.
Like other big four firms, PwC’s business slowed in the most recent financial year, from revenue growth of 13.4 per cent in the previous 12 months. Clients have pulled back on consulting work amid economic uncertainty, and a drought of merger and acquisition activity has hit deal advisory work.
Revenues in the advisory business were $US22.6 billion, up
Read more on afr.com
