DGAP-News: PwC Reports FY2011 Global Revenues of US$29.2 Billion

PwC

03.10.2011 10:00
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Double Digit Rise in Revenues

Strongest Growth for Three Years

Plans to Recruit 20,000 Graduates in FY2012

LONDON, 2011-10-03 10:00 CEST (GLOBE NEWSWIRE) — PwC, the world–s leading
professional services network, reported gross revenues of US$29.2 billion for
its worldwide network of firms for the fiscal year ended 30 June 2011, an
increase of 10% over FY2010, and the strongest growth in revenues that the
network has seen since 2008. At constant exchange rates, PwC–s FY2011 network
revenues rose by 8%.

While increasing revenues, PwC has also continued to recruit key talent,
increasing overall headcount to nearly 169,000. This focus on attracting the
best people to PwC will continue in the year ahead with plans to recruit and
train a record number of 20,000 graduates across the world in FY2012. In
addition PwC will offer training internships to 10,000 students to introduce
them to professional services.

–At PwC our goal is clear. We want to be the leading professional services
network in the world, measured not just by revenues, but by the quality of our
work, the talent of our people and the strength of our brand,– said Dennis M
Nally, Chairman of PricewaterhouseCoopers International Ltd.

–The strong revenue growth across our network is the result of the commitment
by PwC firms to continue to recruit the best people and to invest in both them
and the quality service they provide.

–PwC has the strongest global network in our business and the most talented
people. This combination gives us a real competitive advantage in the quality
of work we are able to provide to our stakeholders,– added Mr Nally.

PwC–s Assurance revenues grew by 7 %, to US$14.1 billion, an excellent
performance in light of the fiercely competitive market for audit and
accounting services around the world and downward pressure on prices which
masks even stronger underlying growth.

While competitive pricing is important, PwC–s Assurance operations, the largest
in the world, are defined not by their price but the quality of the work they
deliver. PwC firms continued to invest very heavily in service quality
throughout FY 2011 and this investment will accelerate in FY 2012.

Revenues for PwC–s worldwide Advisory businesses grew strongly in FY2011, up
20% to US$7.5 billion. This impressive growth was driven by an outstanding
performance from PwC–s consulting businesses, particularly in the US, and by a
series of strategic acquisitions around the world.

PwC–s Tax revenues rebounded to growth in FY2011, rising by 8% to US$7.6
billion, reflecting steady performance from across the network driven by an
increased demand for tax accounting and compliance work.

–PwC–s FY 2011 results show that our clients value the quality of the services
we provide in these volatile economic times,– Mr. Nally said. –We expect our
growth to remain healthy in FY2012 as companies continue to position themselves
for better times.–

Geographically, the PwC network enjoyed increases in revenue in all of its
regions with Asia rising by 14%, Australasia by 38%, and the Middle East and
Africa by 20%. PwC firms also returned to growth in the Americas; North
American revenues rose by 10% and the growth rate in South and Central America
doubled to 23%. Growth was more modest inWestern Europe at 4%, and Central and
Eastern Europe at 7%, but still solid given the economic circumstances.

PwC revenues:

——————————————————————————–
FY11 at FY11 FY10 at FY10 % change % change at
ex. rates ex. rates % constant ex.
$m $m %
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Assurance 14,140 13,273 6.5% 4.9%
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Advisory 7,458 6,206 20.2% 18.0%
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Tax 7,625 7,090 7.5% 5.7%
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Gross revenues 29,223 26,569 10.0% 8.2%
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——————————————————————————–
FY11 at FY11 FY10 at FY10 % change % change at
ex. rates ex. rates % constant ex.
$m $m %
—————————————————
Asia 3,427 3,018 13.5% 8.5%
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Australasia and Pacific 1,677 1,210 38.4% 23.5%
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Central and Eastern Europe 778 726 7.3% 6.6%
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Western Europe 11,518 11,062 4.1% 3.7%
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Middle East and Africa 987 823 19.9% 15.4%
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North America and Caribbean 9,881 8,952 10.4% 9.4%
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South and Central America 955 778 22.8% 22.1%
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Gross revenues 29,223 26,569 10.0% 8.2%
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Foot note to table: FY11 revenues are the aggregated revenues of all PwC firms
and are expressed in US dollars at average FY11 exchange rates. FY10 aggregated
revenues are shown at average FY10 exchange rates. Gross revenues are inclusive
of expenses billed to clients. Fiscal year ends 30 June.

Notes to Editors:

All percentage numbers in the body of the press release are growth at historic
exchange rates unless otherwise stated.

Statutory audit services comprise 40% of PwC–s revenues. All other revenues
comprise non-audit services, of which two thirds are provided to non audit
clients.

PwC firms help organisations and individuals create the value they–re looking
for. We–re a network of firms in 158 countries with close to 169,000 people who
are committed to delivering quality in assurance, tax and advisory services.
Tell us what matters toyou and find out more by visiting us at www.pwc.com.

The PwC logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=2684

(c) [2011] PwC. All rights reserved.

PwC refers to the PwC network and/or one or more of its member firms, each of
which is a separate legal entity. Please see www.pwc.com/structure for further
details.

CONTACT: Mike Davies, PwC
Tel: +44 207 804 2378
e-mail: mike.davies@uk.pwc.com

OR:

Mike Ascolese, PwC
Tel: +1 (646) 471 8106
e-mail: mike.ascolese@us.pwc.com
News Source: NASDAQ OMX

03.10.2011 Dissemination of a Corporate News, transmitted by DGAP –
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Language: English
Company: PwC

United States
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ISIN: US9900589196
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End of Announcement DGAP News-Service

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