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6 Oct 2015 10:08am

PwC replaces Deloitte as biggest global firm

PwC has retaken number one spot from Deloitte as the world’s largest firm by revenue

PwC has recorded a global annual revenue increase of 10% to $35.4bn (£23.34bn), which represents its strongest growth in 10 years.

Last month Big Four rival Deloitte announced global revenues worth $35.2bn (£22.7bn), growth of 7.6%.

Consulting now accounts for more than 30% of PwC’s total revenues after growing 18% to $11.2bn during the 2015 fiscal year. This was boosted by the acquisition of Strategy& (formerly Booz & Company) in April 2014.

PwC’s auditing division grew 6.2% to $15.2bn in a year. It lost major contracts such as Tesco and Sainsbury but won significant tenders such as Vodafone and Santander. Its tax arm grew 7% to $8.9bn.

The UK firm, its second largest, performed strongly with revenues up 9% to $4.1bn, recording particularly good growth in assurance and advisory.

Its largest firm, PwC US, enjoyed growth of 10% to $12.2bn and strong growth in all lines of service.

“The global business environment remains challenging, with a continuing patchy economic picture, geopolitical issues creating uncertainty for business and fierce competition in the professional services market. Despite these challenges, the PwC network performed exceptionally well in FY15 with growth of 10%, pushing revenues over the $35bn mark for the first time,” said Dennis Nally, PwC chairman.

“Our strongest growth for eight years is a result of the significant investment we have made in recruiting the best people, enhancing the quality of our services and building new product offerings such as data analytics. We have also continued to make key strategic acquisitions to complement and expand our core business.”

The firm saw growth across all its geographic regions, but its Middle East and African operations reported the fastest growth in revenues, rising 11.4% to $1.3bn, followed by North America and the Caribbean where there was a 12% increase to $14bn. PwC’s firms in Italy grew by 11%, Germany 8% and France 6%.

The firm added a record 53,049 people in the 2015 financial year, including 24,600 graduates. Global headcount grew 6% to more than 208,000 people.

Fellow Big Four member EY recorded global growth of 11.6% to $27.4bn (£16.8bn). KPMG is due to report its results in December.

Raymond Doherty

 

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