Accounting Firms

PwC global revenue tops $45bn in FY21

In the UK, revenues rose by 2%, in the Middle East they increased by 4.8%, and in Turkey revenues grew “very strongly” to 30%

PwC has announced that global revenue grew by 2% in local currency and 4.9% in US dollars to hit $45bn in the full-year ending 30 June 2021.

After growth was flat for most of the year, revenue accelerated markedly between April and June, up 18.1% compared with the same months last year.

While the growth was partly a result of a difficult period in FY20, it also reflected “accelerating” client demand for services such as deals and restructuring as economies began to open up.

In the UK, revenues rose by 2%, while in the Middle East they increased by 4.8%, and in Turkey revenues grew “very strongly” by 30%.

Revenues from the group’s tax, legal and people operations grew by 1.7% to $11bn from $10.6bn the previous year, against the backdrop of an “increasingly complex and challenging” environment, driven by various factors including the impact of the pandemic and local and global tax policy changes.

Bob Moritz, global chairman, PwC, said: “I’m tremendously proud of all we achieved in a challenging year, and the way we did it, leading with our values and people-first approach.

“We also concluded on and launched our new global strategy, ‘The New Equation’, in June which uniquely positions PwC to address the two critical, interconnected needs of every organisation – the need to build trust with stakeholders and deliver sustained outcomes.”

He added: “Our strategy is bold and we believe it is transformational. We will be driving it with more than $12bn in investments over the next 5 years and the creation of over 100,000 net new jobs.”

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