Message from the Territory Senior Partner
I am pleased to present our firm’s review for the period ended 30 June 2018. This review, which this year has been compiled in digital format, incorporates our transparency report as required by the EU Statutory Audit Directive.
PwC Malta has changed its reporting date to 30 June in order to align itself with the reporting of the PwC Global network, of which PwC Malta forms part. Data and figures reported in our transparency report therefore cover the period from 1 January 2017 to 30 June 2018.
My term of office commenced on 1st October 2017 when I took over from Kevin Valenzia. During his 43 years with the firm, 22 years of which as a partner and 8 years as Territory Senior Partner, Kevin, contributed heavily to the firm’s achievements and to its evolution into the firm it is today. During his tenure, Kevin always led by example. His energy, enthusiasm and leadership together with his foresight, enabled PwC Malta to strengthen its position as the leading professional services firm in Malta and significantly contributed to Malta's development as a financial services centre. His role and contributions both to the firm, and to the market in general, have been invaluable and indeed, he should be proud of all that he has achieved.
It is a great privilege to be PwC Malta’s Territory Senior Partner. I am really excited to be given this opportunity, to lead a firm that comprises a group of very talented people led by committed and dynamic partners and managers, and one that handles such a significant and diverse client base. As at 30 June PwC Malta engaged 614 people, with revenues for the 2017 calendar year of €35 million and of €21 million for the 6 month period ended 30 June 2018, indeed a remarkable achievement.
I believe that PwC Malta is a firm that is at the forefront of the profession today, carrying out engagements that are complex and that contribute to Malta’s economy in no small measure. Our growth and dynamism in the market have however had no impact on the values that the firm has been firmly built on. Acting with integrity, working together, caring, making a difference and reimagining the possible – remain at the foundation of everything that we do and are synonymous of how we interact with our people and with our clients.
Our people
Our people are and will remain the firm’s greatest strength. We have, during the 12 months ended June 2018, recruited over 250 professionals across the firm, including 65 experienced hires, over 70 graduates and more than 110 interns. We have also, through our various initiatives, invested in our people’s ongoing training, our student programmes, the tools we use and the environment in which we work.
2017/18 has been a period characterised by a continuing strong economic performance in Malta as a whole, a period that has put pressures on people retention across all industries besides the infrastructure in general. We have not been exempted from these pressures. Our reaction has been to continue to invest in our infrastructure and in our people. We have, and will continue, to invest significantly in the environment in which we work as our people deserve to work in the best facilities that we can provide, while we continue to be a major recruiter.
In December 2017 we successfully acquired the Richard Clarke Academy, an ACCA training business. In April 2018, we completed a significant investment in a state-of-the-art centre - The Hub - a space purposely designed around the innovation eco-system bringing together two concurrent architectural concepts - a contemporary learning space for our Academy and a collaborative space to innovate with our clients.
Our continued investment demonstrates our intent to remain the firm of first choice for our clients and our people.
We recognise our responsibilities in leading by example ensuring that we offer equal opportunities, and that we embrace diversity in a way that reflects the society in which we operate. We also intend to set an example in terms of the environment. We have taken a number of initiatives to reduce our impact and we have also embarked on an investment plan that will further demonstrate our commitment to being a responsible employer. We will continue to challenge ourselves to always do better to create a sustainable environment.
Our clients
We are engaged with government, local businesses and international entities, authorities and bodies, through a broad range of services, helping them to develop opportunities, solve important problems and create a long-term sustainable future for their stakeholders. During this period, we remained engaged with our clients in providing a distinctive service and in building on the relationships that have been formed over the years throughout the market.
The depth and quality of our client base together with our success within the financial services industry has characterised the strength of our firm and established our reputation as pioneers and leaders within the local market. We are recognised as leaders in each of our core services - assurance, advisory and tax - through the quality of our work and thought leadership and we aim to maintain this position through the continuing evolution of these services.
Operating in a sector characterised by transformation, regular developments and changes within the regulatory environment has seen us continually focusing, being agile, and enhancing our financial services and regulatory offerings.
We also recognise that the speed of change in the way that business is, and will be carried out, is accelerating as a result of technological developments. The digitalisation of business is definitely upon us. We have invested in Blockchain, Cyber Security and Data Analytics offerings, and we will continue to enhance our service offerings in these areas. This transformation will reshape the way we operate and offer exciting opportunities for the firm and its clients.
As a firm we have and will continue to embrace all these developments. In fact, they have strongly influenced our investment decisions and strategy:
The Hub provides an environment where clients can use design thinking to identify creative ways of solving issues;
Our technology offerings have been structured into three streams:
Managed Services where we are able to assist clients in outsourcing part of their IT support function,
IT Security Services where we are able to provide assurance to clients’ systems and also identify any shortcomings and
Digital Consulting Services where we provide clients with Business Intelligence solutions and project management services on systems implementation;
The roll out of cloud-based collaborative technologies, such as Google, will transform the way we work together with our clients.
In all instances, our focus is on adding value to our clients. We are committed to continue doing this through our focus on quality and professionalism, using the latest in what technology can provide and through further developing the services that we already provide.
Looking forward
We are the leading professional services firm on the Island, and our challenge is to retain that position.
To do so, we must continue to attract, develop, retain top talent and develop new skills within our people that will allow us to support our clients and to provide innovative services aligned with the onset of emerging technologies.
For our clients, and for us, doing business in a dynamic economic environment that is heavily influenced by rapid technological breakthroughs and constant changes, will present its challenges. We intend to play a key role and to be at the forefront of this transformation - making a difference, innovating and focusing on quality alongside our clients through our people.
To conclude, I would like to thank my partners for their continued support and dedication, and all of our people who continue to impress with their abilities and determination to deliver high quality services to our clients. I would also like to thank our clients who continue to challenge us in terms of services that they require, and their continued support of the firm.
We are the leading professional services firm on the Island, and our challenge is to retain that position.
To do so, we must continue to attract, develop, retain top talent and develop new skills within our people that will allow us to support our clients and to provide innovative services aligned with the onset of emerging technologies.
For our clients, and for us, doing business in a dynamic economic environment that is heavily influenced by rapid technological breakthroughs and constant changes, will present its challenges. We intend to play a key role and to be at the forefront of this transformation - making a difference, innovating and focusing on quality alongside our clients through our people.
We are the leading professional services firm on the Island, and our challenge is to retain that position.
To do so, we must continue to attract, develop, retain top talent and develop new skills within our people that will allow us to support our clients and to provide innovative services aligned with the onset of emerging technologies.
For our clients, and for us, doing business in a dynamic economic environment that is heavily influenced by rapid technological breakthroughs and constant changes, will present its challenges. We intend to play a key role and to be at the forefront of this transformation - making a difference, innovating and focusing on quality alongside our clients through our people.
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