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 EconomyNEW YORK, Oct. 6, 2009 (GLOBE NEWSWIRE) --
PricewaterhouseCoopers todaydisclosed that total gross revenues from operations for
its worldwide networkof member firms rose marginally at constant exchange rates for
the fiscal yearended 30 June 2009, a resilient performance in consistently tough
economiccircumstances. However, adjusted for foreign exchange
fluctuations,particularly the strengthening of the U.S. dollar, PwC's FY2009
networkrevenues were US$26.2 billion, a decline of 7.1 per cent from the
previous12-month period. Revenues continued to grow for PwC's core Assurance
services, where revenues ofUS$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
continuedfocus on improved customer service and very competitive pricing. Tax
revenues remained steady at US$6.9 billion. Growth in revenues from thisarea was
impacted by the worldwide decline in corporate deals and restructuringwork. Given
the cyclical nature of its business, PwC's Advisory operations werehardest hit by
the recession. However in the circumstances they continued tohold up well with
revenues of US$6.1 billion, down by 3 per cent. This fall inrevenues was driven by
the sharp drop off in transactions and initial publicofferings, as well as by cuts
in discretionary spending by clients. The dropwas partially offset by a rise in
restructuring work. 'The past 12 months have been challenging for our network, with
most PwC memberfirms facing tough economic conditions. While PwC's results for FY
2009 are notas 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 firstrate customer service and very competitive pricing has allowed
us to increaseour market share in many of our markets around the world. 'The ability
of so many PwC member firms to successfully sustain their businessand their people
through this difficult period provides us with a strongplatform from which to serve
clients in the recovery and to continue to investin our own growth. While we cut our
costs substantially, the PwC network alsohired about 30,000 new people and increased
its total workforce to more than163,000 demonstrating a commitment to attracting the
right people to serveclients around the world.' 'PricewaterhouseCoopers continues to
have the best and strongest network tohelp clients succeed. We see opportunities
emerging in the recovery inindustries such as healthcare, financial services and
infrastructure, and weare prepared to help clients capitalise on them by
anticipating their needs andproviding a quality of service that sets us apart. Our
strategy is to excel inevery marketplace in which we compete by delivering a
distinctive PwCExperience to our clients and to our own people.' PwC member firms in
some regions of the world were less affected by theslumping global economy than
others. There were continuing strong results fromSouth and Central America, which
saw revenues increase by 13.3 per cent, whilethe Middle East and Africa produced
revenue growth of 9.1 per cent. Asia sawrevenues grow by 5.4 per cent, lower growth
than last year, but a continuingindication of the growing contribution of PwC's
member firms in Asia to thenetwork. 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, withparticularly good
results in Japan, Russia, Spain, Sweden and Canada. 'Theability of those firms and
others across the PwC network to sustain theiroperations without major cutbacks in
personnel confirms PwC's rank as thestrongest professional services organisation,
well positioned and poised tocapitalise on opportunities presented in the coming
turnaround,' added MrNally.  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 continuingoperations. Gross revenues are
inclusive of expenses billed to clients. Fiscalyear ends 30 June.
PricewaterhouseCoopers (www.pwc.com) provides industry-focused assurance, taxand
advisory services to build public trust and enhance value for our clientsand their
stakeholders. More than 163,000 people in 151 countries across ournetwork share
their thinking, experience and solutions to develop freshperspectives and practical
advice. * PricewaterhouseCoopers and PwC refer to the network of member firms
ofPricewaterhouseCoopers International Limited (PwCIL). Each member firm is
aseparate legal entity and does not act as agent of PwCIL or any other memberfirm.
PwCIL does not provide any services to clients. PwCIL is not responsibleor liable
for the acts or omissions of any of its member firms nor can itcontrol the exercise
of their professional judgment or bind them in any way. Nomember firm is responsible
or liable for the acts or omissions of any othermember firm nor can it control the
exercise of another member firm'sprofessional 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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Company:      PricewaterhouseCoopers
              
               
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