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New York (Dec. 31, 2001) -- PricewaterhouseCoopers reported global revenue of $22.3 billion for fiscal 2001, a 7.6 percent increase over the previous year's $20.7 billion.
PwC said its net revenue excluding subcontractor and other pass-through expenses was $19.8 billion. "Economic conditions - and the global climate, in general - were nothing if not challenging last year," said PricewaterhouseCoopers CEO Samuel A. DiPiazza Jr.
Tax, which registered double-digit growth for the third year in a row, rose 14.7 percent to $4.4 billion. Assurance and Business Advisory Services generated $8.7 billion in revenue, an increase of 7.4 percent. PwC's consulting practice generated revenue of $6.7 billion, an increase of 3.6 percent. Buoyed by new contracts and the expansion of existing contracts, Business Process Outsourcing gained 166.2 percent, hitting $563 million.
Hampered by conflicts and regulatory pressure in the U.S., PwC said its revenue in Corporate Finance and Recovery (previously called Financial Advisory Services) services fell 1.6 percent to $1.4 billion. Global Human Resource Solutions plummeted 20 percent to $554 million. PwC said growth was constrained by SEC independence rules and noted that awareness of the U.S. practice's intention to separate from the accounting firm left companies cautious about signing long-term outsourcing contracts.
On a geographic basis, revenue growth was 2.3 percent in North America, to $10.1 billion, and up 3.1 percent in South America to $821 million. In Asia-Pacific, revenue grew nearly 18 percent to $2.4 billion. Europe/Middle East/Africa rose 12 percent to nearly $9 billion. PwC said about 60 percent of its revenue is earned in currencies other than the U.S. dollar.
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