Acquisitions help PwC boost revenues to record level

 
Alys Key
Follow Alys
Advertising Week New York 2016 - VIP Dinner PwC
PwC has bolstered its services and expanded into new areas (Source: Getty)

PwC posted record revenue for the year, with growth across every one of its businesses and territories.

The figures

Revenue across all PwC firms rose seven per cent to $37.7bn (£28.4bn).

This was the 20th consecutive year of revenue growth for the group and marked a new high.

Constant currency revenue grew in every territory, with the biggest jump in central and Eastern Europe, though this area contributed the least to overall revenues with $776m for the year.

Growth was bolstered by an expansion of the workforce to 236,000 people, including 28,000 graduate recruits.

In addition, PwC closed 19 acquisitions of businesses around the world, expanding into new areas such as cyber security as well as strengthening core functions.

Read more: PwC releases ethnic minority pay gap figures in a bid to broaden diversity

Why it's interesting

PwC's record revenue total was not enough to top rival Deloitte, which reported $39bn annual revenues last month.

Both groups have been expanding into new areas, with Deloitte recently adding a design consultancy to its portfolio.

The race to invest in new technology as well as enhancing the quality of the existing offering meant PwC spent $500m investing in its operations this year.

Read more: Wetherspoon ends 34-year relationship with PwC and looks beyond Big Four

What PwC said

Global chairman Bob Moritz said: "Innovation is the foundation of our success and we are embracing artificial intelligence, robotics and machine learning as we work to deliver success for our clients and stakeholders going forward.

"We're also investing in areas such as our data privacy practice. As more and more data is generated and shared, and companies are exposed to new digital vulnerabilities, we're helping clients to develop their cyber security and privacy programmes, and respond to incidents."

Read more: PwC partner pay falls as Deloitte gains ground

Related articles