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Growth across all divisions lifted profit by 21 per cent and saw salaries rise 9 per cent.
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PwC keeps top spot with record $3bn revenue
25 August 2022
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9 minute read
PwC Australia has retained top spot among the big four firms with a 17 per cent increase in revenue to a record $3 billion for 2021–22.
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All three divisions grew, led by financial advisory that brought in more than $1 billion, up 20 per cent, across its deals, private, legal, tax and integrated infrastructure businesses.
Consulting grew 21 per cent to $740 million thanks to a number of large-scale digital programs while its assurance business was up 11 per cent to bring in $730 million.
PwC chief executive Tom Seymour said the successful year came in the face of ongoing challenges.
“The pandemic, geopolitical strains, supply chain disruption, skills and workforce shortages, inflation, energy transition complexities and the ongoing need to digitise are just a sample of the challenges and opportunities we are all faced with,” he said.
Greater attention to internal growth instead of acquisitions meant the firm saw profits lift 21 per cent.
“Through our focus on organic growth, we have invested in our people right across our business, from our core services such as audit, tax, deals and consulting, to growth areas such as infrastructure, cybersecurity and energy transition,” Mr Seymour said.
PwC’s $3 billion revenue result exceeded rivals Deloitte, with $2.5 billion, EY $2.4 billion and KPMG $2.2 billion.
Mr Seymour said the work ethic of employees was the main factor in the positive result.
“The dedication of our partners and teams has allowed us to deliver record revenue and profit growth and make record investments in our people’s professional and personal development,” he said.
The firm admitted 148 additional partners and raised their pay by 10 per cent while average employee wages went up 9 per cent.
Mr Seymour said the firm was also striving to create a better work environment for its employees.
“At PwC, our people are at the core of everything we do and drive our success,” he said.
“We want to provide purposeful and challenging work that our people enjoy, flexibility that helps them thrive in both work and life, and opportunities for genuine personal development and career growth, while continuing to build a diverse and inclusive workforce.”
In the firm’s transparency report, it revealed that it had fired nine employees for workplace misconduct including, bullying, sexual harassment and data breaches during 2021–22.
The report showed that PwC had investigated 31 allegations, up from 13 the year before, and substantiated 21 of the complaints.
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