PricewaterhouseCoopers* Posts FY2009 Global Revenues of US$26.2 Billion

PricewaterhouseCoopers / 

06.10.2009 

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PricewaterhouseCoopers* Posts FY2009 Global Revenues of US$26.2 Billion


            Total Revenues Rise At Constant Exchange Rate

        Results Demonstrate Resilience of PwC Member Firms

   Competitive Pricing Helps to Grow Market Share in Many Markets

 Asia, South and Central America, Middle East and Africa Perform Well
                           in Tough Economy


NEW YORK, Oct. 6, 2009 (GLOBE NEWSWIRE) -- PricewaterhouseCoopers today
disclosed that total gross revenues from operations for its worldwide
network
of member firms rose marginally at constant exchange rates for the fiscal
year
ended 30 June 2009, a resilient performance in consistently tough economic
circumstances. However, adjusted for foreign exchange fluctuations,
particularly the strengthening of the U.S. dollar, PwC's FY2009 network
revenues were US$26.2 billion, a decline of 7.1 per cent from the previous
12-month period. 

Revenues continued to grow for PwC's core Assurance services, where
revenues of
US$13.1 billion were up by 2 per cent despite the impact of the recession,
reflecting both the market-leading strength of the business and its
continued
focus on improved customer service and very competitive pricing. 

Tax revenues remained steady at US$6.9 billion. Growth in revenues from
this
area was impacted by the worldwide decline in corporate deals and
restructuring
work. 

Given the cyclical nature of its business, PwC's Advisory operations were
hardest hit by the recession. However in the circumstances they continued
to
hold up well with revenues of US$6.1 billion, down by 3 per cent. This
fall in
revenues was driven by the sharp drop off in transactions and initial
public
offerings, as well as by cuts in discretionary spending by clients. The
drop
was partially offset by a rise in restructuring work. 

'The past 12 months have been challenging for our network, with most PwC
member
firms facing tough economic conditions. While PwC's results for FY 2009
are not
as good as we would have liked, they have held up well in the
circumstances,'
said PwC Global Chairman Dennis M. Nally. 'In addition the combination of
first
rate customer service and very competitive pricing has allowed us to
increase
our market share in many of our markets around the world. 

'The ability of so many PwC member firms to successfully sustain their
business
and their people through this difficult period provides us with a strong
platform from which to serve clients in the recovery and to continue to
invest
in our own growth. While we cut our costs substantially, the PwC network
also
hired about 30,000 new people and increased its total workforce to more
than
163,000 demonstrating a commitment to attracting the right people to serve
clients around the world.' 

'PricewaterhouseCoopers continues to have the best and strongest network
to
help clients succeed. We see opportunities emerging in the recovery in
industries such as healthcare, financial services and infrastructure, and
we
are prepared to help clients capitalise on them by anticipating their
needs and
providing a quality of service that sets us apart. Our strategy is to
excel in
every marketplace in which we compete by delivering a distinctive PwC
Experience to our clients and to our own people.' 

PwC member firms in some regions of the world were less affected by the
slumping global economy than others. There were continuing strong results
from
South and Central America, which saw revenues increase by 13.3 per cent,
while
the Middle East and Africa produced revenue growth of 9.1 per cent. Asia
saw
revenues grow by 5.4 per cent, lower growth than last year, but a
continuing
indication of the growing contribution of PwC's member firms in Asia to
the
network. However, revenues from PwC member firms in Central and Eastern
Europe,
North America and Western Europe declined. 

Revenue growth was high in a number of PwC member firms around the world,
with
particularly good results in Japan, Russia, Spain, Sweden and Canada. 'The
ability of those firms and others across the PwC network to sustain their
operations without major cutbacks in personnel confirms PwC's rank as the
strongest professional services organisation, well positioned and poised
to
capitalise on opportunities presented in the coming turnaround,' added Mr
Nally. 


 Notes to editors:

 Global Gross Revenues
 Year ended June 2009

 ---------------------------------------------------------------------

 Geographic Revenues


                            FY08 at FY08      Variances - fav/(unfav)
                  Actual     ex. Rates      v FY08 at       v FY08 at
                    $m          $m           FY09 ex.        FY08 ex.
 ---------------------------------------------------------------------
  Asia             2,627      2,601           5.4%            1.0%
 ---------------------------------------------------------------------
  Australasia
   and Pacific     1,176      1,366           1.4%          -13.9%
 ---------------------------------------------------------------------
  Central and
   Eastern
   Europe            778        861          -3.8%           -9.7%
 ---------------------------------------------------------------------
  Western
   Europe         11,155     12,619          -0.8%          -11.6%
 ---------------------------------------------------------------------
  Middle East
   and Africa        704        715            9.1%          -1.5%
 ---------------------------------------------------------------------
  North America
   and
   Caribbean       9,032      9,332           -1.2%         - 3.2%
 ---------------------------------------------------------------------
  South and
   Central
   America           699        691           13.3%           1.3%
 ---------------------------------------------------------------------
  Total           26,171     28,185            0.2%          -7.1%
 ---------------------------------------------------------------------


 Line of Service Revenues

                            FY08 at FY08     Variances - fav/(unfav)
                  Actual     ex. Rates      v FY08 at       v FY08 at
                    $m          $m           FY09 ex.        FY08 ex.
 ---------------------------------------------------------------------
  Assurance       13,143     13,808            2.0%          -4.8%
 ---------------------------------------------------------------------
  Advisory         6,110      6,899           -2.9%         -11.4%
 ---------------------------------------------------------------------
  Tax              6,918      7,478           -0.3%          -7.5%
 ---------------------------------------------------------------------
  Total           26,171     28,185            0.2%          -7.1%
 ---------------------------------------------------------------------


FY09 revenues are expressed in U.S. dollars at average FY09 exchange
rates.
FY08 revenues are shown at average FY08 exchange rates for continuing
operations. Gross revenues are inclusive of expenses billed to clients.
Fiscal
year ends 30 June. 

PricewaterhouseCoopers (www.pwc.com) provides industry-focused assurance,
tax
and advisory services to build public trust and enhance value for our
clients
and their stakeholders. More than 163,000 people in 151 countries across
our
network share their thinking, experience and solutions to develop fresh
perspectives and practical advice. 

* PricewaterhouseCoopers and PwC refer to the network of member firms of
PricewaterhouseCoopers International Limited (PwCIL). Each member firm is
a
separate legal entity and does not act as agent of PwCIL or any other
member
firm. PwCIL does not provide any services to clients. PwCIL is not
responsible
or liable for the acts or omissions of any of its member firms nor can it
control the exercise of their professional judgment or bind them in any
way. No
member firm is responsible or liable for the acts or omissions of any
other
member firm nor can it control the exercise of another member firm's
professional judgment or bind another member firm or PwCIL in any way. 

CONTACT:  PricewaterhouseCoopers LLP
          Mike Davies
            +44 20 7804 2378  
            mike.davies@uk.pwc.com
          Mike Ascolese
            +1 646 471 8106 
            mike.ascolese@us.pwc.com

News Source: NASDAQ OMX



06.10.2009  Financial News transmitted by DGAP

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Language:     English
Company:      PricewaterhouseCoopers
              
               
              United States
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ISIN:         US9900589196
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