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Growth in its consulting business helped PwC increase revenue 10 per cent in fiscal 2011,allowing it to regain its position as the world8217;s largest accounting and consulting firm.
PwC8217;s global network of firms reported record revenue of 29.2 billion for the year that ended June 30,up from 26.6 billion in 2010 and the strongest growth since 2008.
PwC,formerly known as PricewaterhouseCoopers,also said on Monday that it plans to hire a record 20,000 graduates worldwide in fiscal 2012 and offer training internships to 10,000 students. Its staff now numbers about 169,000.
PwC8217;s revenue was about 400 million ahead of that of Deloitte Touche Tohmatsu Ltd,previously the No. 1 accounting and consulting firm. Deloitte had squeaked past PwC last year in total revenue by a margin of just 9 million.
Both firms have been on an acquisition spree,building up their consulting arms despite rumblings from authorities in Europe about curbing audit firms8217; consulting work.
The two firms are part of the Big Four,which also includes KPMG and Ernst amp; Young.
Demand for advice on cost-cutting,acquisitions and new technology by companies recovering from the 2009 recession has boosted consulting work,which is growing much faster than the traditional audit business for global audit firms. For details click on.
HEALTHY GROWTH EXPECTED IN 2012
Revenue from PwC8217;s consulting and advisory services rose 20 per cent in fiscal 2011 to 7.5 billion. Audit and related services grew 7 per cent to 14.1 billion,while tax services revenue rose 8 per cent to 7.6 billion.
We expect growth to remain healthy in FY 2012 as companies continue to position themselves for better times,Dennis Nally,chairman of PwC International,said in a statement.
Europe and North America accounted for most of PwC8217;s revenue,though growth was slower in those regions than in other parts of the world.
The Australia and Pacific region posted the fastest growth at 38.4 per cent. Revenue grew 22.8 per cent in South and Central America and 19.9 per cent in the Middle East and Africa.
North America and the Caribbean grew 10.4 per cent while Asia grew 13.5 per cent. Central and Eastern Europe increased 7.3 per cent and Western Europe grew 4.1 per cent.
A draft European Union law that was leaked last week calls for sharp restrictions on non-audit work by auditors to prevent potential conflicts of interest.
The draft law,prepared by EU Internal Market Commissioner Michel Barnier,is expected to meet strong opposition from some EU states,however. For details click on.
PwC has said that its consulting business poses no conflicts with its audit services.
