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October 3, 2010

PwC global revenues same as Deloitte

PwC has tied with Deloitte as the highest earning global accounting network after reporting revenue of $26.6 billion in the year to 30 June 2010.

The network grew revenue by 1.5% on 2009 results, although PwC’s global workforce shrunk by 1.5% to 161,118.

Deloitte announced global revenue of $26.6 billion and a workforce of about 170,000 in the year to 31 May 2010.

Assurance revenue contracted 1.3% to $13.3 billion, a solid result considering challenging economic conditions and considerable fee pressure in many markets.

Tax suffered the largest decline of 2.9% to $7.1 billion, which highlights a general slowdown in corporate transactions.

PwC’s consulting services showed the strongest growth of 15%, while advisory grew 7.9% in local currency terms to $6.2 billion.

Geographically, the Latin America region had the strongest revenue growth of 11.9%, followed by the Middle East (8.5%) and Asia (8.2%).

PwC said revenues were flat in Western Europe but slipped by in North America (-1.7%), Australasia (-3.3%) and Central and Eastern Europe (-5.1%). PwC International chairman Dennis Nally said the increase in revenue is a creditable achievement and PwC firms maintained their positions as “market leaders” in key economies.

PwC has produced a strong result to maintain its position as joint leader, although current trends indicate Deloitte will become the highest earning network in a year’s time.

Deloitte has a much larger consulting practice than its rival because it decided to retain and build consulting post-Enron at a time when other firms were selling up. Today, consulting is the fastest growing service and PwC, like the other Big Four firms, are investing heavily to build up capacity and capability although Deloitte clearly has an advantage in this area.

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