PwC Sets New Record with Revenues of $53.1 Billion in FY23
Global professional services network PwC has achieved remarkable growth in the fiscal year 2023, reporting record revenues of $53.1 billion. This represents a growth rate of 9.9% in local currency and 5.6% in US dollars compared to the previous fiscal year’s revenues of $50.3 billion. The growth was primarily driven by the quality of work delivered by PwC’s 364,000 professionals worldwide, as well as the strength of the PwC brand.
PwC’s Global Chair, Bob Moritz, credited the company’s focus on delivering high-quality services to meet the needs of stakeholders for its continued growth. As the network approaches its 175th anniversary, PwC remains committed to investing in its future by making strategic acquisitions in key growth areas and expanding its workforce with a diverse range of talent. Moritz expressed his pride in the dedication and hard work demonstrated by PwC employees throughout the year.
The company’s revenues in Europe, Middle East, and Africa (EMEA) saw a significant increase of 10.2%. Consolidated revenues from the UK and Middle East rose by 16%, while Germany experienced a growth rate of 13.1%. However, revenue growth in Africa was more subdued, rising by 4.1% overall, with South Africa notably outperforming other regions on the continent.
In terms of regional performance, Central and Eastern Europe (CEE) experienced remarkable growth of 15.2% when excluding revenues from Russia, benefiting from the decrease in economic impact caused by the war in Ukraine. Meanwhile, Asia Pacific revenues grew by 7.2%, fueled by India’s outstanding performance as the fastest-growing large firm in the PwC network, with an impressive revenue increase of 24%. Australia also experienced solid growth, with revenues increasing by 10.7%. Across the Americas, revenues rose by 10.7%, driven by a growth rate of 11.2% in the US and 4.5% in Canada.
PwC’s three lines of business – Assurance, Advisory, and Tax and Legal Services – each witnessed revenue growth in the fiscal year 2023. Revenues from its assurance operations increased by 8.9% to $18.7 billion, indicating the continued importance of audit services and the trust they build in the capital markets. The company also observed strong demand for assurance services in areas such as cyber and environmental, social, and governance (ESG) disclosure.
PwC’s advisory operations experienced robust growth of 13%, reaching $22.6 billion in revenues. The strong demand for digital transformation and the need to adapt to changing market conditions were key drivers behind this growth. The company’s advisory services also provided valuable support to organizations undergoing corporate reorganizations or facing distress.
Lastly, PwC’s Tax, Legal, and Workforce businesses demonstrated significant growth of 12.5%, amounting to $11.8 billion in revenues. This growth excludes revenues from the recently sold global mobility and immigration business, allowing PwC to increase investment in its core operations and new business areas and capabilities. The demand for workforce services has been driven by transformative changes in businesses, while the legal business solutions operations expanded to meet the increasing demand for managed legal services and legal tech advisory and implementation.
Overall, PwC’s exceptional financial performance in FY23 demonstrates the company’s ability to deliver high-quality services and adapt to evolving market needs across various regions and lines of business. As PwC looks toward the future, it remains committed to continued investment, strategic expansion, and nurturing a diverse workforce to sustain its success.