Professional services firm PricewaterhouseCoopers (PwC) has reported a global revenue increase to $55.4bn for the 12 months ending 30 June 2024, despite mixed economic conditions worldwide.
This represents a 3.7% increase in local currency and a 4.3% increase in US dollars compared to the previous fiscal year. The growth comes amid varying economic and political conditions across different regions.
In Europe, the Middle East, and Africa (EMEA), revenues grew by 8.6%, with the UK and Middle East markets showing particularly strong demand.
Germany, Sweden, and France also reported robust performances, while Central and Eastern Europe continued to see solid growth.
However, revenues across Africa faced a decline due to tough economic conditions, though South Africa bucked the trend with buoyant business.
In contrast, the Asia Pacific region saw a downturn, with overall revenues falling by 5.6%. China experienced a notable slowdown, and in Australia, economic challenges and the divestment of a government consulting business led to reduced revenues. India reported a significant increase in revenue.
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By GlobalDataThe Americas region recorded a 3.4% revenue increase, despite challenging market conditions in the US while Brazil maintained strong demand for services.
PwC’s Assurance, Advisory, and Tax and Legal Services lines all saw revenue growth. Assurance operations grew by 3.4% to $19.5bn, with a focus on risk and environmental impact assurance services.
The core audit business also expanded, with audit revenues comprising three-quarters of total assurance revenues.
Advisory revenues increased by 2.6% to $23.3bn, although the pace slowed due to a sluggish market for mergers and acquisitions and political uncertainties.
Tax and Legal Services revenues rose by 6.3% to $12.6bn, driven by regulatory uncertainty and technological disruption.
Legal and Workforce services also saw strong demand, with a focus on mergers and acquisitions, business transformation, and workforce planning.
Throughout FY24, PwC invested $3.6bn across its network, following a $3.7bn investment in FY23.
PwC global chairman Mohamed Kande said: “It’s been a year full of successes and challenges, in which we’ve supported our clients and made meaningful contributions to our stakeholders in the regions and communities where we live and work.
“Despite a backdrop of economic headwinds, we’ve seen revenue growth across all of our lines of business, deepened our strategic alliances, and invested $1.5bn to expand and scale our AI capabilities.”
In May 2024, PwC US and UK firms signed an agreement with OpenAI, becoming the latter’s first reseller for ChatGPT Enterprise and its largest user.
