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.
