For the 12 months ending June 30, 2021, PwC firms globally had gross revenues of US$45 billion – up 2 per cent in local currency and 4.9 per cent in US dollars.
Investing in the future
Despite the heightened economic challenges of the past year, PwC has continued to prioritise ongoing investments in the future of our people, new technologies, the quality of our work, and new products and services. Across the PwC network, we invested over US$2.6 billion during FY21 following on from investments of more than US$3billion in FY20. Over the next five years we are committed to invest US$12 billion as we implement our strategy: The New Equation.
Focus on quality
Quality is a key focus for us and the responsibility of everyone at PwC. The New Equation strategy committed US$3bn to support quality across PwC, including US$1bn towards major technology efforts related to audit.
Enabling our workforce
Our more than 295,000 professionals in 156 countries around the world drive our business. Despite the challenges of the global pandemic, we welcomed 90,273 new joiners in FY21. Our strategy calls for hiring 100,000 (net) additional professionals by 2026.
Having and measuring a meaningful impact
We have made a worldwide, science-based commitment to achieve net zero greenhouse gas (GHG) emissions by 2030 and we are proud to have received validation for our emission reductions targets from The Science Based Targets initiative (SBTi). In FY21 our total GHG emissions reduced by 80 per cent over the prior year and we bought 83 per cent of our electricity from renewable sources.
We are also committed to action that improves inclusivity, and addresses the need for everyone to have the opportunity to achieve their potential. Our ‘New world. New skills’ programme seeks to enable more people to have the skills they will need to navigate the digital world and succeed in the future. In the past year alone, the initiative reached nearly 3 million people in communities around the world.
In 2018, we set a goal to reach 15 million people, non-governmental organisations and social and micro enterprises by FY22, and we’re proud to report that in FY21 we exceeded this target and have reached over 18 million beneficiaries via our community investment programmes.
At a local level, PwC Cyprus recently announced that the organisation’s net revenue for the financial year that ended June 2021, stood at €80m, while its contribution to government revenue amounted to €29.7m. PwC Cyprus expects that within the next three years it will recruit around 600 young graduates and experienced professionals.