Regional results - Europe
Growth increased impressively across Europe with revenues up 8% in Western Europe and 6% in Central and Eastern Europe. The UK firm, PwC’s second largest, also performed strongly with revenues up 9% to US$4.1 billion, recording particularly good growth in its Assurance and Advisory services. PwC’s firms in Italy grew by 11%, Germany 8% and France 6%.
Lines of business
The PwC network’s Assurance operations are our most significant business and the bedrock of our operations and reputation across the world. Revenues from PwC’s Assurance operations grew very strongly, up 6% to US$15.2 billion. This was in the face of a very competitive market and the changes taking place in the European audit market due to the introduction of mandatory audit firm rotation.
In addition to a volatile market for audit around the world, there is increasing demand for broader Assurance services and in particular assurance over business risks. Our investment in technology continues to expand the market for Assurance services into new areas such as IT and data assurance and security.
Quality is at the heart of PwC's operations around the world. In FY15 alone we invested US$450 million (similar to investments in previous years) to further enhance the quality of our assurance services, develop innovative tools and technologies, and train our people.
PwC’s Advisory operations posted very strong growth in FY15 increasing by 18% to US$11.2 billion. Advisory now accounts for more than 30% of PwC’s revenues, and we anticipate that it will continue to grow strongly into the future.
PwC’s Tax operations also grew strongly in FY15, with revenues increasing by 7% to US$8.9 billion. Tax operations benefited from increased mergers and acquisitions related work due to the robust deals environment, and strong demand for transfer pricing work globally.
Being the number one professional services network, PwC needs the best talent. PwC welcomed record numbers to the network, adding 53,049 people in FY15, including 24,600 graduates. Our global headcount grew 6% to more than 208,000 people, which reflects the exceptional opportunities for development and advancement PwC offers.
Dennis Nally added: “We believe an increasingly diverse workforce will make PwC even more successful in the future. It’s absolutely critical for us to create an environment where all of our people can grow and have the chance to reach their full potential. This is why we are supporting the UN Women’s gender equality movement HeForShe this year and asking PwC men to commit to helping remove barriers to gender equality.”
In FY15, PwC firms and people donated nearly US$58 million to community activities and more than 58,000 PwC people donated more than 537,000 hours in professional services and skilled volunteer activities.