* Growth Continues in All Major Regions and Territories
* Tax Business Up 15.1 Percent
* Advisory Business Up 14.6 Percent
* India, China, Middle East Particularly Strong
NEW YORK, Oct. 1, 2007 (PRIME NEWSWIRE) -- PricewaterhouseCoopers today reports that worldwide gross revenues of its network of firms increased 10.5 percent at constant exchange rates, to a record $25.2 billion for the fiscal year ended June 30, 2007. At variable rates of exchange, growth was even higher at 14.4 percent.
Revenue figures are released along with PricewaterhouseCoopers' 2007 Global Annual Review. The Review provides insights into the strategies, operations and activities in the broader global community by the PwC worldwide network.
"Revenues for the PwC international network remained strong in FY2007, reflecting strong economic conditions, our strategic focus on key growth markets and the increasing scale and scope of our tax and advisory businesses," says PricewaterhouseCoopers' Global CEO Samuel A. DiPiazza, Jr. "Our network has again achieved healthy growth across the globe in each of our lines of service, as we continue to capitalize on the strength of our brand and the quality of our people and services."
Revenues for PwC's Global Advisory service line increased 14.6 percent in FY2007 to $5.7 billion, driven by a large volume of deals-based activity and strategic emphasis on priority services and clients. Global Tax revenues increased by 15.1 percent to $6.3 billion, again boosted by growth from M&A - related activities. Despite lower demand for work related to adoption of International Financial Reporting Standards, Sarbanes-Oxley related business, and the more mature nature of the assurance market for PwC in developed economies around the world, worldwide assurance revenues were up 6.7 percent to $13.1 billion.
"We believe the prospects for continued growth remain good, despite the current dip in worldwide business confidence caused by subprime credit concerns in the United States. For PwC, the long-term challenge is to maintain our leading position in the world's developed countries and at the same time build on the healthy growth we are producing in fast developing economies," says Mr. DiPiazza.
The PricewaterhouseCoopers network performed well in all major geographic markets in FY2007. Developing markets continued to show particularly strong growth. Revenues increased by 22.4 percent in Central and Eastern Europe, 19.1 percent in South and Central America and 20.8 percent in the Middle East and Africa. Revenues from North America and the Caribbean were up 7.8 percent, and in Asia, revenues rose 18.8 percent.
Western Europe and Australia and the Pacific Islands also continued to perform well with revenues up 9.4 percent and 10.3 percent respectively.
For the third consecutive year, many large PricewaterhouseCoopers firms achieved double-digit revenue growth, with particularly strong performance reported in India, China, and the Middle East.
In the 2007 Global Annual Review, Mr. DiPiazza says that the accounting profession has made an effective transition to a regulated business, based on continuous efforts to improve the quality of its people, its technical advice and its client service. He calls for convergence of overlapping regulatory systems, including registration, inspections and discipline, in order to cut complexity and cost without reducing protection for investors.
Mr. DiPiazza also calls for "far reaching and radical reform" of corporate reporting to allow for better international comparability of company results.
Notes to Editor:
* A copy of the PricewaterhouseCoopers 2007 Global Annual Review can be downloaded at www.pwc.com/annualreview. The Review contains a detailed breakdown of the revenues for FY2007 and a range of facts and figures about the PricewaterhouseCoopers worldwide organization. The review also features comments of PricewaterhouseCoopers' Global CEO Samuel A. DiPiazza Jr. and other PwC leaders on a number of key issues facing PwC's clients around the world, as well as examples of how PricewaterhouseCoopers' people around the world collaborate in community activities. * PricewaterhouseCoopers (www.pwc.com) provides industry-focused assurance, tax and advisory services to build public trust and enhance value for its clients and their stakeholders. More than 146,000 people in 150 countries across our network share their thinking, experience and solutions to develop fresh perspectives and practical advice. "PricewaterhouseCoopers" refers to the network of member firms of PricewaterhouseCoopers International Limited, each of which is a separate and independent legal entity. * Charts containing the 2007 revenue breakdown, by service line and geography, follow. Aggregated Revenues of PricewaterhouseCoopers Firms by Service Line (USD millions) FY2007 FY2006 % change % change at FY2007 at FY2006 at constant ex. rates ex. rates ex. rate Assurance 13,112 11,897 10.2% 6.7% Advisory 5,745 4,819 19.2% 14.6% Tax 6,293 5,270 19.4% 15.1% Total Gross Revenues 25,150 21,986 14.4% 10.5% FY07 revenues are expressed in U.S. dollars at average FY07 exchange rates. FY06 revenues are shown at average FY06 exchange rates. Gross revenues are inclusive of expenses billed to clients. Fiscal year ends 30 June. Aggregated Revenues of PricewaterhouseCoopers Firms by Geography (USD millions) FY2007 FY2006 % change % change at FY2007 at FY2006 at constant ex. rates ex. rates ex. rate Asia 2,492 2,078 19.9% 18.8% Australasia and Pacific Islands 1,086 940 15.6% 10.3% Central and Eastern Europe 659 511 29.0% 22.4% Western Europe 10,710 9,090 17.8% 9.4% Middle East and Africa 596 526 13.3% 20.8% North America and the Caribbean 9,029 8,356 8.0% 7.8% South and Central America 578 485 19.1% 19.1% Total Gross Revenues 25,150 21,986 14.4% 10.5% FY07 revenues are expressed in U.S. dollars at average FY07 exchange rates. FY06 revenues are shown at average FY06 exchange rates. Gross revenues are inclusive of expenses billed to clients. Fiscal year ends 30 June.