PricewaterhouseCoopers announced today that aggregate global gross revenues of PricewaterhouseCoopers firms for the fiscal year ended 30 June 2004 rose to $17.6 billion, an increase of 4% in local currencies and just over 11% in US dollars from the previous year's $15.8 billion. Aggregate net revenues increased by nearly $2 billion to $16.3 billion, an increase of 6% in local currencies and just over 13% in US dollars.
"We experienced strong performance across all of our businesses in FY04 as a result of improved market conditions in many countries as well as our success in refocusing our business strategy to adapt to changing client buying patterns and regulatory developments," said Samuel A. DiPiazza, Jr., CEO of PricewaterhouseCoopers International Limited. "Our assurance practices are performing very well and our market share of services to non-audit clients is growing. This strong performance demonstrates clearly that clients recognize the quality of our advice and the value of working with the world's leading global professional services network."
On a geographic basis, aggregate net revenues grew rapidly in North America, where new audit requirements increased demands for services provided by the U.S. firm's assurance practice. PwC performed strongly in Africa and in parts of Asia, particular China, where PwC now employees upwards of 5,000 people. Revenues also recovered in South America, after a decline in 2003. In much of Europe and some Asian markets, PwC firms faced more difficult economic conditions.
On a global basis, net aggregate revenues from assurance services rose nearly 10% to $8.7 billion, aggregate tax revenues were flat at $4.5 billion, and advisory services increased by just over 6% to $3.1 billion.
PricewaterhouseCoopers today also released its 2004 Global Annual Review, which examines PwC's performance in meeting the needs of its clients and itspeople on crucial issues such as creating sustainable value, building public trust, attracting, respecting and retaining outstanding people and providing leadership on key professional issues.
In the Review, Mr. DiPiazza notes that creating value is of primary importance to companies and their stakeholders.
"The accounting profession plays an essential role in making sure that appropriate systems and controls are in place to report accurate, timely performance information, and in providing sound advice that does not put reputation at risk for short-term gain.," Mr. DiPiazza writes in the Review. "Developing and maintaining trust while creating value with the advice we give – being a trusted advisor – is where PricewaterhouseCoopers seeks to differ from other advisors. We will not impair our independence. But we will always bring a unique perspective to our client relationships with our objective, independent advice, based on our multiple competencies."
Highlights of the 2004 Global Annual Review include examples of:
- PricewaterhouseCoopers' commitment to quality, integrity and the public interest
- Excellence in sustainable business practices by clients
- Recruiting, retention and leadership development practices
- PwC's responsibility and commitment to transparency and corporate governance