Bangkok--7 Oct--PwC Thailand
• Strategy for growth – driven by clear PwC purpose
• Total workforce reaches new record of more than 223,000
• More than 15,800 people dedicated to technology services to support our clients
• More than $500 million invested in quality and service development
• 11 million hours of training undertaken by PwC people across the world
• More than 26,000 graduates joined PwC – more than 50% of these were female
• PwC named strongest global business-to-business brand
The PwC network reported total global gross revenues of US$35.9 billion for the fiscal year ended on 30 June 2016, which was up 7.3 percent at constant exchange rates.
"The strength of our brand, the opportunities we provide for our people, the quality of our services and our focus on meeting the needs of our stakeholders are at the heart of PwC and how we measure our success," commented Bob Moritz, Chairman of PricewaterhouseCoopers International Ltd.
"Our revenue growth in FY16 across all major markets and businesses is testament to our fundamental purpose of building trust and solving problems.
"To secure future growth, we are investing heavily in technology to enhance the quality and impact of our services and make the best use of the skills of our people. The world is changing rapidly and we are planning for the services our clients, capital markets and other stakeholders will need tomorrow, as well as serving their needs today. Whether it's the tax and audit services of the future, transformational consulting, blockchain or augmented reality, we are implementing a strategy to meet the long-term needs of our stakeholders and the career aspirations of our people.
"This is an era of unprecedented scrutiny and the public expects more from business today. We are focused on how we can best serve not just the needs of our core stakeholders but society at large. This is reflected in our purpose, the culture we're building right across our network, and in the stories we tell in our annual review."
PwC's FY16 global annual review is an online digital experience that uses video, graphics and stories to show who we are, what we do, what we think, and how we're doing (www.pwc.com/annualreview).
Revenues
More revenue growth is coming from developing markets – particularly Asia, where revenues grew by 10%, with strong performances in India and China.
PwC Thailand, as part of the global network, helped contribute to the strong growth, which resulted in revenue of US$4.4 billion for the region, Sira Intarakumthornchai, CEO for PwC Thailand, said.
"Our commitment to delivering quality services and our ambition to meet our global purpose helped us to deliver solid results and overcome uncertainties in a very competitive marketplace," Sira said.
In North America and the Caribbean, revenues grew by 8% boosted by a strong performance from the US, our largest market in the world. Meanwhile in South and Central America, revenues were up 9%.
In Western Europe, growth was steady, up by 6%. Central and Eastern Europe posted strong revenue growth of 10%.
Serving the needs of the capital markets is the core of assurance business and the brand.
Demand for the PwC network's audit and assurance businesses remains strong despite fierce competition and price pressure across the world. In FY16, PwC's $US15.3 billion Assurance business grew by 6%. Broader assurance services such as IT, risk and data assurance are all areas where PwC is stimulating innovation and increasing investment.
Advisory growth of 8% to $US 11.5 billion, was powered by an increased demand for the network's strategy through execution services and by growth across a broad range of consulting, forensics and deals-related work. In particular, cyber security, digital and data & analytics services benefitted from PwC's significant recent investments.
The strong market for deals had a positive impact on the network's Tax operations, with revenues increasing by 7% to US$9.1 billion. There was also a continuing strong demand for compliance, corporate consulting and transfer pricing work globally.
Quality continues to be the driving force of all PwC's operations around the world. In FY16 alone, PwC invested US$500 million to further enhance the quality and delivery of its services as it continues to focus on meeting the needs of stakeholders.
People
The PwC network welcomed a record level of new joiners to the network, adding 58,081 people in FY16, including 26,780 graduates. Overall, PwC's global headcount grew by over 7% to more than 223,000 people. The largest increases in workforce were in the strongly-growing markets of Asia and Central and Eastern Europe. In addition, 83% of people say they're proud to work at PwC.
In FY16, more than half of new graduate recruits were female. Some 665 partners were admitted across the PwC network with, for the third year in a row, female partner promotions increasing, now reaching 27% of total new partners.
"We have an unwavering commitment to diversity and inclusion," said Moritz.
"With the increase in female partners admitted this year and the highest ratio of female leaders in our history on our global leadership team, we're making progress, but there is much more we can do. We strongly believe that the diversity of experience and culture improves the quality of work we deliver to clients."
Communities
In FY16, PwC firms and people donated US$63 million to community activities and more than 820,000 working hours in professional services and skilled volunteer activities.