David Jetuah, Accountancy Age, Monday 4 October 2010 at 08:17:00

PwC's global revenues boosted by growth in the advisory businesses but taxand assurance earnings drop


PwC has taken revenues of $26.6bn (16.8bn) globally.

The firm's earnings to 30 Jun, 2010 rose by 1.5% compared to the previousyear.

However, revenues in the assurance divisions came to $13.3bn, down 1.3% onfull year 2009.

The firm cited ongoing pricing pressures in a "fiercely competitive market"as the reason for the decrease.

PwC's tax arms made $7.1bn, down 2.9% year-on-year because of the worldwideslump in corporate deals and restructuring activity.

PwC's revenues were boosted by growth in the advisory businesses.

These divisions collectively made $6.2bn, up 7.9% over the previous 12months.

PwC?s consulting businesses achieved 15% revenue increase compared to 2009and the advisory arms are expected to remain a key source of future growth, thefirm said.

?The increase in revenues is a creditable achievement and PwC firms in ourkey countries consistently maintained their positions as market leaders,? saidDennis M Nally, chairman of PricewaterhouseCoopers International.

?This performance reflects the commitment and dedication of our people, andthe ongoing effort of PwC firms to manage through the downturn without losingsight of the need to keep focused on the potential for renewed growth," Nallyadded.