PwC, the world’s leading professional services network, on Monday announced that its Middle East practice grew by 31% during FY2011.
“The Middle East is the fastest growing region in the wider PwC network that has very clearly outperformed its competition in the last year. We are very proud to be part of a region that brings together over 2,500 experienced and dedicated professionals that have delivered premium services, and we have already invested in our Middle East people, offices and systems to produce similar levels of growth in the year to 30 June 2012,” said Warwick Hunt, Middle East Managing Partner, PwC, said.
Globally, PWC reported gross revenues of $29.2 billion for its worldwide network of firms for the fiscal year ended 30 June 2011, an increase of 10% over FY2010, and the strongest growth in revenues that the network has seen since 2008.
While increasing revenues, the PwC Network has also continued to recruit key talent, increasing overall headcount to nearly 169,000. This focus on attracting the best people to PwC will continue in the year ahead with plans to recruit and train a record number of 20,000 graduates across the world in FY2012. In addition PwC will offer training internships to 10,000 students to introduce them to professional services.
“At PwC our goal is clear. We want to be the leading professional services network in the world, measured not just by revenues, but by the quality of our work, the talent of our people and the strength of our brand,” said Dennis M Nally, Chairman of PricewaterhouseCoopers International Ltd.
“The strong revenue growth across our network is the result of the commitment by PwC firms to continue to recruit the best people and to invest in both them and the quality service they provide.
“PwC has the strongest global network in our business and the most talented people. This combination gives us a real competitive advantage in the quality of work we are able to provide to our stakeholders”, added Nally.
PwC’s Assurance revenues grew by 7 %, to $14.1 billion, an excellent performance in light of the fiercely competitive market for audit and accounting services around the world and downward pressure on prices which masks even stronger underlying growth.
Revenues for PwC’s worldwide Advisory businesses grew strongly in FY2011, up 20% to $7.5 billion. This impressive growth was driven by an outstanding performance from PwC’s consulting businesses, particularly in the US, and by a series of strategic acquisitions around the world.
PwC’s Tax revenues rebounded to growth in FY2011, rising by 8% to $7.6 billion, reflecting steady performance from across the network driven by an increased demand for tax accounting and compliance work.
“PwC’s FY 2011 results show that our clients value the quality of the services we provide in these volatile economic times,” Nally said. “We expect our growth to remain healthy in FY2012 as companies continue to position themselves for better times.”
“To be successful in the Middle East and continue to achieve significant growth and to be recognized as the leading professional services network, we will continue to provide value for our clients, our people, the capital markets and the communities in the 12 markets in which we operate in the Middle East region,” Fouad Alaeddin, Middle East Managing Partner, Head of Markets, PwC, said.
Geographically, the PwC network enjoyed increases in revenue in all of its regions with Asia rising by 14%, Australasia by 38%, and the Middle East and Africa by 20%. PwC firms also returned to growth in the Americas; North American revenues rose by 10% and the growth rate in South and Central America doubled to 23%. Growth was more modest in Western Europe at 4% and Central and Eastern Europe at 7%, but still solid given the economic circumstances.