The spin continues in accounting firm earnings season, this time courtesy of P. Dubya. The Firm reported global revenues of $26.2 billion, according to today’s press release. This was down from fiscal year 2008 by approximately $2 billion from $28.2 billion in global revenues when adjusted for foreign exchange fluctuations.
Assurance services increased slightly, rising 4.8% while tax and advisory revenues both declined 7.5% and 11.4%, again, when considering the foreign exchange fluctuations.
North America’s revenues held up well, only dropping 3.2% ($9.3b to $9.0b) while Western Europe, PwC’s largest region in terms of revenue, had a 11.6% drop in revenues. The drop for this region was primarily due to the strength of the U.S. Dollar.
Denny Nally remains stoic despite
Satyam the challenges out there:
“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.”
Data for number of employees in fiscal year 2009 isn’t up yet on the global website but we’ve got no reason to not believe Denny when he says that they’re attracting the right people and getting rid of people that cost too much.
Discuss the revenue results and Denny’s vision of the ‘PwC Experience’, which is probably nothing like an acid flashback, for the future in the comments.
*PwC just wants everyone to know that there’s this thing called PricewaterhouseCoopers International Limited (PWCIL) that doesn’t provide services to clients and doesn’t act as an agent for the member firms. PWCIL is NOT LIABLE for anything that these member firms f*ck up because that’s just ridiculous. If they screw the pooch, they are TOTALLY ON THEIR OWN. Don’t come crying to us about an audit failure because we will deny ’til we die. This has nothing to do with Satyam, btw. It doesn’t. We swear.