PwC’s global revenues hit record $53.1bn
PwC’s global firms have reported a record revenue of $53.1 billion (around £43.5bn) in the financial year ending 30 June 2023, marking a 9.9% growth in local currency.
This achievement comes despite the exclusion of the Russian firm from the network and the sale of the global mobility and immigration business in the previous year. The result reflects the contributions of over 364,000 professionals worldwide.
In particular, PwC’s operations in Europe, Middle East, and Africa (EMEA) saw revenues increase by 10.2%, with the UK and the Middle East showing a notable 16% consolidated revenue growth. This growth is also significant considering the economic challenges presented by high inflation and the economic impact of conflicts, such as the war in Ukraine.
Bob Moritz, PwC global chair, said: “Our focus on delivering the quality services that our stakeholders need to prosper today and to prepare their organisations for the future has driven another year of growth for us.
“As we come up to our 175th anniversary, we continue to invest in the future of our network with strategic acquisitions in key growth areas and a drive to expand our workforce and continue to acquire a broad and diverse range of talent.
“Providing the best quality services we can is the focus of all of my colleagues around the world and the foundation of our success. I am proud of the hard work and dedication our PwC people have shown over the last year.”
Investment has been a major part of PwC’s strategy, with $3.7bn (around £3.03bn) spent in FY23, focusing particularly on technology consulting and artificial intelligence. The firm is also dedicated to workforce expansion, with a commitment to creating 100,000 new jobs by 2026, a target they are set to achieve by 2024, two years ahead of schedule.