Revenues

For the 12 months ending 30 June 2017, PwC’s total revenues were US$37.7 billion, up almost 7% at constant exchange rates, despite the geo-political and economic uncertainty around the world.

Revenues rose in all major markets and across all lines of business driven by investment in innovation, technology, new services and the power of PwC's brand. This success is due largely to the hard work and dedication of the 236,235 people working for PwC firms around the world.

In the Americas, revenues rose by 7%. Growth was steady in Western Europe, up by 4%, and much stronger in Central and Eastern Europe where reveunes were up 13%.

Revenue growth from Australasia and the Pacific doubled over last year, rising by 10% in FY17, while revenues from Asia were also up 10%, continuing a strong growth trend achieved over the last few years. Revenues from the Middle East and Africa grew steadily, up 4%.

Aggregated revenues of PwC firms by geographic region (US$ millions) 

  FY17 at FY17 ex. rates FY16 at FY16 ex. rates % change % change at constant ex. rates
Americas 16,800 15,742 6.7% 6.8%
Asia 4,900 4,391 11.6% 10.1%
Australasia and Pacific 1,650 1,452 13.6% 9.9%
Central and Eastern Europe 776 678 14.4% 13.3%
Western Europe 12,192 12,339 -1.2% 4.3%
Middle East and Africa 1,362 1,294 5.2% 4.0%
Revenues 37,680 35,896 5.0% 6.5%

FY17 revenues are the aggregated revenues of all PwC firms and are expressed in US dollars at average FY17 exchange rates. FY16 aggregated revenues are shown at average FY16 exchange rates. Gross revenues are inclusive of expenses billed to clients. Fiscal year ends 30 June.


Revenue by service line

Assurance continues to show strong growth

Despite fierce competition, PwC’s assurance operations grew strongly, rising again by 6% to US$16.0 billion. This growth reflects some significant new audit client wins and increasing demand for broader assurance services.

The pace of digital transformation in our clients' operations has redefined the market for trust services, driving exponential demand for digital trust including in areas such as cybersecurity and privacy, advanced data analytics, as well as enterprise systems solutions. We also have a thriving Internal Audit practice, offering digital solutions in the areas of Governance, Risk and Compliance.

We're also helping businesses navigate the complex legal and regulatory landscape ahead, for example, by advising them as they get ready for the General Data Protection Regulation which will come into effect in May 2018 and creates challenges for every organisation doing business in the EU before, during and after the deadline.

Digital services and cyber security continue to grow

PwC’s advisory operations grew by 8% to US$12.3 billion – a very strong result on the back of high growth last year and despite an uncertain environment for many consulting activities around the world.

We saw particularly strong growth in our Strategy& and technology practices with growth of 17% and 20% respectively. The significant growth in these areas demonstrates our success with providing Strategy through Execution value to clients.

Revenues from our digital services also continued to grow. With over 30 locations around the world and offices opening in Toronto, Japan, London, Stockholm and Zurich, PwC's Experience Centers are designed to stimulate creativity and collaboration, revolutionising how businesses go to market and operate at the intersection of business, experience and technology. Working closely with the client on-site at the Experience Center, we create collaborative engagement models and services that help move organisations beyond current trends to focus on the future of business.

While PwC works across all sectors, we saw very strong demand for advisory services from the healthcare, technology, media and telecoms industries and private equity clients.

Growing demand for compliance, corporate consulting and transfer pricing work globally

PwC’s tax & legal revenues grew by 6% to US$9.5 billion with growing demand for compliance, corporate consulting and transfer pricing work globally. With over 41,000 tax professionals, PwC has the largest tax network in the world.

To meet the changing needs of our clients, we're investing in our tax outsourcing business. This year, we announced an innovative agreement with GE, hiring 600 of GE's tax team members from around the world and acquiring GE's tax technology to further our focus on the tax function of the future and the provision of services global enterprise.

PwC’s tax operations also include revenues from PwC's legal services network of firms, which now has 3,300 lawyers serving clients in over 90 countries. We continue to see strong demand for services including international business reorganisations, employment and labour, mergers and acquisitions, and data protection.

Revenues from our people and organisation network also continued to grow on the back of increased demand for HR Transformation including Cloud services. We now have over 10,000 people working in this area.

PwC’s service line mix (2013-2017) at constant exchange rate (US$ millions)

Aggregated revenues of PwC firms by service line (US$ millions)

  FY17 at FY17 ex. rates FY16 at FY16 ex. rates % change % change at constant ex. rates
Assurance 15,965 15,280 4.5% 6.0%
Advisory 12,253 11,531 6.3% 7.9%
Tax 9,462 9,085 4.2% 5.8%
Gross revenues 37,680 35,896 5.0% 6.5%
Expenses and disbursements on client assignments (2,415) (2,257) 7.0% 8.1%
Net revenues 35,265 33,639 4.8% 6.4%

FY17 revenues are the aggregated revenues of all PwC firms and are expressed in US dollars at average FY17 exchange rates. FY16 aggregated revenues are shown at average FY16 exchange rates. Gross revenues are inclusive of expenses billed to clients. Fiscal year ends 30 June.


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Mike Davies

Director, Global communications,
PwC UK

Tel: +44 (0) 20 7804 2378

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Andrea Plasschaert

Senior manager, Global communications,
PwC Switzerland

Tel: +41 58 79 29 123

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