PricewaterhouseCoopers 2006 Global Revenues Rise 11% to USD22 Billion
30 January 2007 Press Release
According to PricewaterhouseCoopers’ 2006 Global Annual Review, gross worldwide revenues of its network of firms grew in 2006 to USD22 billion in the fiscal year ended 30 June 2006. Its advisory business grew significantly and strong growth characterised all regions—particularly in the Central and Eastern Europe region, which includes Ukraine.
PricewaterhouseCoopers 2006 Global Annual Review provides insight into the performance, operation and scope of the PricewaterhouseCoopers’ worldwide network over the past year.
“Revenues for the PricewaterhouseCoopers international network were particularly strong in 2006,” said Global CEO Samuel A. DiPiazza, Jr. “We saw healthy growth across the globe, driven by the strength of our brand and services, buoyant economic conditions and the hard work and commitment of our 140,000 strong PricewaterhouseCoopers team. Our strategy of regionalisation and market segmentation drove our growth in 2006 and will continue to do so in 2007.”
The PricewaterhouseCoopers network performed well in all major geographic markets in FY2006. Developing markets continued to grow particularly strongly with revenue increasing by 26.4% in Central and Eastern Europe, 22.7% in South and Central America and 16.8% in the Middle East and Africa. Revenues from North America and the Caribbean were up 12.1% and in Asia, revenues increased 11.9%.
The 2006 Global Annual Review also contains information on the challenges facing today’s business community:
- Mergers and acquisitions: there has been an unprecedented boom in the Entertainment and Media industry in particular.
- Public-private partnership: the key question now is not how to reduce costs, but how to improve the quality of public services by drawing on the complimentary capabilities and cultures of the public and private sectors.
- Financial services: putting the customer first is a top-priority and condition of further growth.
For the second consecutive year, most large PricewaterhouseCoopers firms achieved double-digit revenue growth. Revenue growth was strongest in China, Russia, Ukraine and other developing markets.
Boris Krasnyansky, Managing Partner of PricewaterhouseCoopers Ukraine, said:
“The demand for our services grows every year as Ukrainian business, having reached “the critical mass”, strives to become more transparent, attract more investments, including through the capital markets, and add shareholder value. Also, the rapid growth of markets in Central and Eastern Europe, which includes Ukraine, shows how global resources have moved to countries with fast-growing economies.”
In financial year 2006, the practice of PricewaterhouseCoopers Ukraine has grown significantly, displaying spectacular results for all Lines of Services.
Boris Krasnyansky, Managing Partner of PricewaterhouseCoopers Ukraine, said:
“We achieved a considerable growth of 60% in net revenues to the previous year. Our absolute growth leader in FY06 is Advisory Services practice. Also. Assurance and Tax and Legal Services have grown well above the regional and global benchmarks.
We believe the market will remain strong in the new 2007 calendar year and we will enjoy the further profitable growth of each Line of Service and of the whole firm, having in mind our vision - to be No.1 Professional Services Firm in Ukraine”.
The PwC Review traditionally analyzes the future of the accounting sector. In the 2006 Global Annual Review, Mr. DiPiazza notes that the accounting profession must maintain its relevance to investors beyond regulatory compliance by facilitating the effective functioning of capital markets worldwide.
“Our profession must work to converge global accounting standards and develop more relevant financial reporting models that provide the world’s investors with valuable insights. In this way, we will increase our value to clients and the public,” he said.
The PwC global workforce topped 140,000 in 2006. As a professional services organisation, PricewaterhouseCoopers pays particular attention to its workforce and remained the Employer of Choice in 2006.
Boris Krasnyansky on PricewaterhouseCoopers’ position in Ukraine:
“We now have over 250 employees in our Ukrainian firm. PwC’s primary investments in Ukraine, as in other regions, are targeted on creating a stable business, the success of which is built on winning quality clients, offering quality services, and most importantly, hiring quality people to work for us. Our success is based on a strong corporate culture that supports the development of individual talents of our employees (we hire the best and the brightest) while encouraging great teamwork.”
Note to editors:
1. The Review contains a detailed breakdown of the results for FY2006 and a range of facts and figures about the PricewaterhouseCoopers worldwide organisation.
2. The review also features the comments of PricewaterhouseCoopers’ Global CEO Samuel A. DiPiazza Jr. on key challenges facing the accountancy profession and examples of how the firms of the PricewaterhouseCoopers network work with their clients and how PricewaterhouseCoopers people around the world connect together on behalf of clients and the wider community.
3. PricewaterhouseCoopers provides industry-focused assurance, tax and advisory services to build public trust and enhance value for its clients and their stakeholders. More than 140, 000 people in 149 countries across our network share their thinking, experience and solutions to develop fresh perspectives and practical advice.
4. “PricewaterhouseCoopers” refers to the network of member firms of PricewaterhouseCoopers International Limited, each of which is a separate and independent legal entity.
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*Note to editors: See full 2006 revenue breakdown, by service line and geography, in following charts.
Aggregated Revenues of PricewaterhouseCoopers Firms by Service Line (USD millions)
 | FY06
at FY06 ex. rates | FY05
at FY05 ex. rates | % change | % change
at constant ex. rate |
| Assurance | 11,300 | 10,664 | 6.0% | 7.8% |
| Advisory | 4,384 | 3,729 | 17.6% | 19.7% |
| Tax | 5,088 | 4,605 | 10.5% | 12.1% |
| Net Revenue from Continuing Professional Services | 20,772 | 18,998 | 9.3% | 11.2% |
| Expenses Billed to Clients | 1,214 | 1,154 | 5.2% | 8.5% |
| Total Gross Revenues | 21,986 | 20,152 | 9.1% | 11.0% |
FY06 revenues are expressed in US dollars at average FY06 exchange rates. FY05 revenues are shown at average FY05 exchange rates and have been restated from USD20,257 million to reflect changes in line of service definitions and to exclude discontinued operations. Fiscal year ends 30 June 2006.
Aggregated Revenues of PricewaterhouseCoopers Firms by Geography (USD millions)
| FY06
at FY06 ex. rates | FY05
at FY05 ex. rates | % change | % change
at constant ex. rate |
| Asia | 1,940 | 1,753 | 10.7% | 11.9% |
| Australasia and Pacific Islands | 876 | 806 | 8.7% | 9.6% |
| Central and Eastern Europe | 474 | 378 | 25.4% | 26.4% |
| Western Europe | 8,572 | 8,205 | 4.5% | 8.8% |
| Middle East and Africa | 501 | 441 | 13.6% | 16.8% |
| North America and the Caribbean | 7,960 | 7,047 | 13.0% | 12.1% |
| South and Central America | 449 | 368 | 22.0% | 22.7% |
| Net Revenue from Continuing Professional Services | 20,772 | 18,998 | 9.3% | 11.2% |
| Expenses Billed to Clients | 1,214 | 1,154 | 5.2% | 8.5% |
| Total Gross Revenues | 21,986 | 20,152 | 9.1% | 11.0% |
FY06 revenues are expressed in US dollars at average FY06 exchange rates. FY05 revenues are shown at average FY05 exchange rates and have been restated from USD20,257 million to reflect changes in line of service definitions and to exclude discontinued operations. Fiscal year ends 30 June.
