By Mark Maurer
PricewaterhouseCoopers said it recorded a 5.6% increase in global revenue for the latest fiscal year, as the professional-services firm works to expand training for its employees.
PwC’s revenue totaled $53.09 billion for the fiscal year ended June 30.
The audit business brought in $18.73 billion for the year, up 4% from the prior-year period, compared to $22.6 billion in advisory, up 9.1%. The 4% increase marked the slowest growth for PwC’s audit business since 2020.
Audit represented 35.3% of revenue for the year, down from 46% a decade earlier. Advisory work represented 42.6% of revenue, up from 28.5% a decade earlier. PwC’s tax business rose 1.6% to $11.77 billion, the firm said.
Like Deloitte and Ernst & Young, which reported their revenue in recent weeks, PwC’s global revenue growth slowed in 2023 compared to the prior year, when it was 11.4%, as corporate clients sought to scale back certain expenses tied to help from professional-services firms.
Many large companies have shifted their focus to cost containment and debt restructuring efforts from growth-centric projects and acquisitions, said Bob Moritz, PwC’s global chair.
EY booked an 8.7% increase to $49.35 billion for the year ended June 30, compared to 13.7% a year earlier. Meanwhile, Deloitte recorded a 9.4% rise to $64.9 billion for the year ended May 31, compared to 18.1% a year earlier.
PwC in recent years has worked to beef up its workforce and sell off more parts of the business, including its mobility unit in 2022 to private equity firm Clayton, Dubilier & Rice for about $2.2 billion.
“We’ve consciously chosen not to be in large-scale outsourcing or certain government offerings,” Moritz said.
PwC in 2021 said it would hire 100,000 new people globally in areas such as artificial intelligence and cybersecurity by 2026.
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