Pricewaterhouse Coopers Reports Revenue of US$26.6 Billion
Pricewaterhouse Coopers reported gross revenues for their worldwide network clocking $26.6 billion. The revenue has been collected from its network firms as well.
The revenues reported was for the fiscal year that ended on June 30, 2010. It showed a slight increase in view of the fluctuating exchange rates.
In terms of US dollars, Pricewaterhouse Coopers’ FY2010 aggregate network revenues rose by 1.5 per cent from its FY2009.
Given the economic conditions that the world economy has been witnessing since the year 2008, Pricewaterhouse Cooper’s flagship Assurance services did quite well at US$13.3 billion. This was only about 1.3% down from the last financial year.
Demand for the firm’s Assurance services continued to grow despite the economic condition because of the ongoing pricing pressure in the very competitive market. Pricewaterhouse Coopers continued to invest in the service quality and retained its position as the top assurance service providers of the world.
Demand for the company’s tax services also increased during the year as the global economy started strengthening. However revenues from tax were US$7.1 billion, which is 2.9% down from the previous year. This has been attributed to the worldwide slowdown in restructuring activity and corporate deals.
Dennis M. Nally, who is the Chairman of PricewaterhouseCoopers International, said: “The increase in revenues is a creditable achievement and PwC firms in our key countries consistently maintained their positions as market leaders.”
Nally said that the firm wanted to build relationships with clients to help them create the value they seek.
Nally also said that global economies have been sluggish to fully recover themselves from the slowdown and that the firm’s clients have continued to be weighed down by it.
Nally further added that the firm had witnessed an improved in the last part of the financial year of 2010, which was a big relief.