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PwC overtakes Deloitte as largest global network

PwC has reported global revenues of US$35.4bn in the year to 30 June 2015, up 4% (10% in local currency according to the network). With these results PwC overtakes Deloitte as the largest global accountancy network, a position Deloitte had retained for two years.

While the share of assurance services in the PwC's global revenues has decreased, assurance still accounts for 42% of the network's revenues. However assurance has only grown by a small margin, 0.6%, in FY15 up to $15.2bn. PwC fastest growing service line was advisory which grew by 12% up to US$11.2bn. Tax went up by 1% up to US$8.9bn.

PwC reported growth in most of its regions, with the fastest growing region being Middle East and Africa where the network grew by, 11.4% up to US$1.3bn. The second fastest region for PwC was North America & the Caribbean where the network reported US$14bn in revenues, up 10.5%. Asia grew by 5% up to US$4bn, Australasia & Pacific Islands grew by 2% up to US$1.6bn.

However the network reported a decrease in revenue in some of its regions, like Central and Eastern Europe (-13%), Western Europe (-1%) and South and Central America (-7%).

PwC hired 53,049 staff in FY15, representing a 6% increase in professionals hired over the last year and bringing the network total headcount to 208,000.

"The global business environment remains challenging, with a continuing patchy economic picture, geopolitical issues creating uncertainty for business and fierce competition in the professional services market," PwC chairman Dennis Nally said.

He continued saying there was much to be proud of in PwC FY15 achievements. "All of our lines of business and geographic regions are growing, the acquisition of Booz & Company (now Strategy&) has provided a major boost to our capabilities and we are now the leading organisation in our ability to provide services ranging from strategy right through to execution."

While there is large variation around the world and some countries will continue to struggle, Nally concluded, "overall we predict stronger global economic growth of 3.6% in 2016".

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