PWC Announces Record Global Revenues of Us$50 Billion

PwC firms around the world achieved gross revenues of US$50.3 billion – up 13.4% in local currency and 11.4% in US dollars for the 12 months ending 30 June 2022. Revenue growth was strong throughout the year, following the rebound in the last quarter of FY21 as the impact of the COVID-19 pandemic subsided.

“In a year of rapid change and numerous challenges globally, our talented people used their broad and diverse range of capabilities to support our clients and stakeholders and to make positive contributions to society. The results we achieved in FY22 are a direct outcome of our strategy, The New Equation, which we launched in June 2021. Its impact is apparent in our financial performance. For the first time, PwC firms across the world earned gross annual revenues of more than US$50 billion. During a difficult year for the global economy, we achieved growth in all businesses while also repositioning our portfolio including 17 acquisitions and the disposal of our Global Mobility & Immigration business,” said Bob Moritz, PwC’s Global Chairman.

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Strong performance across the world

Across our network, PwC’s community of solvers is bringing our strategy, The New Equation, to life, helping clients with what they tell us they need most – to build trust and deliver sustained outcomes. The growth numbers for the full FY22 year reflect an increase in activity as the COVID-19 pandemic abated and as our firms managed challenges from geopolitical conflicts, including our decision to cease operations in Russia.

• Our revenues in the Americas showed strong growth of 16%, after a flat performance in FY21. The US grew by 17%. Revenue growth across South and Central America was strongest in Brazil, which reported an increase of 21%.
• Asia Pacific revenues were up 14%, with strong performance from South Korea, which posted a year-on-year revenue increase of 23%, India which posted growth of 21%, China which recorded growth of 13%, and Australia which reported growth of 17%.
• Europe, Middle East and Africa (EMEA) revenues were up by 10%. In the UK and Middle East combined revenues rose by 12%, in Germany they increased by 14%.

Growth reflected in all businesses

The New Equation strategy, built on our multidisciplinary model, enables us to bring the breadth of our capabilities from across our network to better serve our clients, helping them build trust for their stakeholders and deliver sustained outcomes. In a challenging and complex environment, The New Equation is delivering results for our clients and growth for PwC.

For example, the strong Deals environment has driven demand across all businesses as we supported transactions and helped acquirers create and preserve value as they sought to move from ‘transact to transform’. Leveraging our broader community of solvers, working with our alliance partners, we have enabled organisational transformations, ensuring change is sustained with the support of colleagues in our workforce business.

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Assurance: Revenues from our Assurance business grew by 7.6% to US$18 billion Audit remains the cornerstone of our brand and the key driver for growth in our Assurance business. Our audit business continued to grow over the last year as we managed complex market dynamics such as auditor rotation, regulation and intensifying competition. We see increasing demand for assurance over a range of nonfinancial information such as ESG disclosure as companies seek to build trust in new areas. We expect this trend to continue in the future.

Advisory: Our Advisory revenues rose by 23.5% to US$20.7 billion . This growth was driven by strong demand for technology-enabled business transformation, both enterprise-wide and within specific business functions, such as finance, the front office and human resources. This included helping many clients migrate to cloud environments. Demand for sustainable and tax efficient supply chain transformation was high, given widespread disruptions.

Tax & Legal Services (TLS): Revenues from our Tax, Legal and People business grew by 6.8% to US$11.6 billion (FY21: US$11 billion). Due to the changing tax landscape, companies continue to face challenges in meeting their reporting obligations, which is driving demand for integrated compliance services and managed services. The current year’s results included only 10 months of our Global Mobility & Immigration business. Its sale reduced year-on-year revenue growth from 8.7%. We expect accelerated growth in the future as the transaction has already enabled increased investment and prioritisation of capabilities to be built in our TLS business and the wider network.

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