PwC Germany: strong growth – targeted investments
07 November, 2023
- PwC Germany shows double-digit growth and revenue increase in all business lines
- PwC helps companies build trust and achieve sustainable results
- 150 million euros investments in artificial intelligence
Frankfurt am Main, November 7, 2023
The professional services firm PwC Germany achieved gross revenues of 2,930 million euros in the past financial year (ending June 30, 2023). This translates to an increase of 317 million euros (+12.1%) compared to the previous year (2,613 million euros). This further widened their lead as the top auditing and consulting firm on the German market. The company’s own performance target set last year was clearly surpassed.
All business lines contributed to this positive result. Advisory showed the strongest growth with gross revenues of 1,342 million euros – up 19.4 percent. Assurance and assurance-related services contributed 918 million euros, a growth of 9.1 percent. Revenues from Tax & Legal Services grew to 617 illion euros (+4.9%). Other services (“Firmwide”) contributed 53 million euros.
“We achieved double-digit growth in a competitive market environment and were able to increase revenues across all business lines – Assurance, Tax and Legal Services as well as Advisory.”
In Germany, the number of new hires was 3.702 (previous year: 3.449). The average number of employees grew by 1.269 to 14.364 (previous year: 13.095).
The global PwC network, with firms in more than 150 countries around the world, achieved gross revenues of $53.1 billion – up 9.9 percent compared to the previous year. Worldwide, the PwC network created 36,000 new jobs. The number of employees grew to over 364.000.
Network strategy “The New Equation” helping businesses build trust and achieve sustainable results
“There has probably never been a greater pressure on companies to act, and the demands made on them by stakeholders have never been higher. The market environment is determined by international crises, market shifts, technological disruption and new climate and energy policies. It takes confidence and courage to tackle and successfully implement the necessary transformation projects, such as digitalisation and decarbonisation. To enable us to support our clients even more effectively in building trust and achieving sustainable results, we are pooling our expertise and technologies in line with our network-wide strategy ‘The New Equation’ focusing on three themes: Trust in What Matters, Climate Transformation und Business Model Reinvention.”
Since the beginning of the new financial year, PwC Germany has therefore been organised into seven business areas – so-called platforms: Assurance Solutions, Tax & Legal Solutions, Transformation, Risk & Regulatory, Sustainability, Cloud & Digital and Deals. There is also Strategy&, PwC’s strategy consulting firm.
Thanks to this new structure, PwC has a multidisciplinary focus on the major issues facing its clients. With this breadth of services combined with its industry expertise, PwC is optimally positioned to meet the growing demand from clients for integrated strategy, transformation, and technology consulting.
Investment in innovation drives growth
PwC is already one of the leading businesses in artificial intelligence (AI). The partnership with Microsoft and OpenAI enables PwC to use generative AI to increase clients’ efficiency and productivity and transform their business. Over the next three years, PwC Germany will invest 150 million euros in AI.
“We also benefit from the investment in AI across the PwC network. PwC USA alone is planning investments of $1 billion. In Germany, we are focusing even more on the integration of generative AI in advisory services and are investing in our core business, in our people and quality and risk management to further differentiate ourselves in the market.”
Outlook: PwC continues to focus on growth
“Under the market conditions described and in view of further geopolitical risks, current forecasts are associated with uncertainty. Nevertheless, we expect a positive development of our revenues as well as growth in all business lines in the current business year as well. Quality is the key to our sustainable success. Clients value our combined expertise – from strategy through execution – to survive in the challenging market situation.”
PwC continues to increase its focus on alliances and collaborations with technology partners. “Our clients expect us to work with leading tech companies. That is why we combine our industry and technical expertise with the digital solutions of our alliance partners such as Microsoft, SAP, Salesforce, AWS, and Workday. We deliver solutions by bringing together our expertise in industries, functions, applications, and technologies”, says Petra Justenhoven. PwC is also expanding its Professional Managed Services offering in a structured and scalable way. “We see this as a growth area in which we take over client processes and provide expertise, custom-fit technology, and infrastructure for them. For example, we have taken over the tasks of entire tax departments and manage them very successfully”, explains Justenhoven.
About PwC:
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 151 countries with over 364,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.
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