As for so many of our clients, FY 2009 was a challenging business period for PwC, and it is heartening to report that many of our firms and business sectors performed well in difficult circumstances. Globally PwC’s revenues in local currency terms were slightly up from the previous year, even as the formerly steady growth in demand for our services slowed. Adjusted for foreign exchange fluctuations, however, our gross revenues fell, due primarily to the strength of the US dollar.

Quote Overall, the PwC network had total gross revenues for FY09 of US$26.2 billion. Our performance was led by the strength of our core Assurance business, where revenues rose by two percent to US$13.1 billion. Our Tax revenues also held up well, remaining steady at US$6.9 billion. Given the cyclical nature of its business, Advisory revenues were down by 3% to US$6.1 billion―a strong performance in the circumstances. Advisory revenues were impacted by the sharp decline in transactions and deal-related work, as well as cutbacks in discretionary spending by our clients.

Despite the economic downturn, PwC member firms in places as diverse as Spain, the Middle East, Russia and Japan all performed strongly and posted impressive revenue growth. This resilient performance provides us with a robust platform from which to serve clients in the recovery and the continued ability to invest in our network for the future.

For organisations, including our own, to emerge successfully from the downturn, business leaders across the world will need confidence in their vision and the courage to take action. The ability to anticipate market changes, and particularly to manage risk effectively and responsively, will characterise the best performers as the upturn gathers pace. Now is not the time for faint-hearted management, but for conviction and the agility to meet change head-on.

For PwC, this means maintaining an unwavering focus on our proven long-term strategy―to excel in the marketplace, by delivering the distinctive PwC Experience to our clients and our people―even amid the difficulties posed by the current economic environment.