PwC Reveal Turnover Boost

Thu, 10 Sep 2009

Accountancy giant PricewaterhouseCoopers (PwC) has shown further signs that it is riding out the global recession by reporting a small increase in annual revenues.

Earlier this week, the Big 4 firm posted revenues of £2.25 billion for the 2008/2009 financial year, up by 0.5 per cent, or £10 million from the previous year, while underlying net revenue rose by one per cent to a total of £1.98 billion.

The company said it has been able to perform well during the downturn by "staying close to its clients".

PwC UK chairman, Ian Powel, added that offering clients "good value and great service" and expanding operations has helped it weather the poor economic conditions.

Mr Powel said: "The largest multi-national companies remain a key market sector, but we are also making real progress with mid-tier companies, non-governmental organisations and the public sector ."

Last month PwC’s nearest rivals in terms of turnover, Deloitte, revealed that its annual revenues had fallen by 2 per cent to £1.97 billion in the year to May 2009.

John Connolly, senior partner at the global accounting and consulting firm, insisted that overall business performance was "satisfactory" given the "extremely tough" market conditions.
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