Tuesday 25 August 2020 2:00 pm

PwC grows global revenue to $43bn despite coronavirus pandemic hit

Big Four firm PwC said its global revenue grew three per cent to $43bn (£32.7bn) in 2019-20, despite the impact of the coronavirus pandemic.

PwC said during the nine months to the end of March revenue grew seven per cent, but said the coronavirus pandemic had a major impact on the remaining quarter to 30 June.

Read more: PwC delays results over coronavirus partner pay uncertainty

“Revenues were significantly impacted by the lockdown and subsequent slowing economies as countries around the world fought the Covid-19 pandemic. Compared to the same three months in 2019, revenues were down from April to June 2020 by six per cent,” the firm said.

PwC said it suffered falls of revenue in the last quarter of up to 30 per cent in some countries.

The UK arm of the firm said last week it was delaying its results by four months because the coronavirus slowdown means it is unsure of what to pay partners and what to distribute in staff bonuses.

PwC UK normally announces its results in September but is now planning on releasing its results for the year to 30 June in January.

“In keeping with our focus throughout the pandemic, our current priorities are managing our business, supporting our clients and preserving jobs before we make any decisions about the quantum of the bonuses we pay to our staff and distributions to partners,” a spokesperson said.

Read more: How PwC is welcoming staff back into the office safely

PwC’s assurance business – which includes audit – grew three per cent to $17.6bn, its advisory arm grew four per cent to $14.7bn and its tax & legal unit grew revenue two per cent to $10.7bn.

Bob Mortiz, chair of PwC’s international network, said:  “While we adapted quickly to many of the new challenges that the Covid-19 pandemic brought, there is no doubt that the next 12 months and beyond are going to be difficult. 

“Our economists are predicting that the global economy will contract by 5.5 per cent by the end of 2021 and while different countries will recover at different rates it is clear that the economic downturn will impact us and our clients across the world.”

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