PwC sees emerging markets growth

| Tuesday November 2, 2010 00:00

Global chairman Dennis Nally said on Friday the firm expected between 42 percent and 45 percent of its annual revenue to come from emerging markets in the next five years. Currently, 20 percent of the firm's revenue comes from these markets, said Nally. He was in SA on a business visit.

The firm reported gross revenue of 26,6bn for the financial year to June, up 1,5 percent from the same period last year.

About 600m comes from sub-Saharan Africa.

'We have an ambitious strategy which is aimed to establish us as the number one professional services firm in the world,' said Nally. 'We want to recruit and develop the best talent around the world. We also want to be known as the firm who [has] the highest quality of standards.'

PwC recently lost its number one ranking in terms of both revenue and staff to Deloitte Touche Tohmatsu. Suresh Kana, the firm's CEO for southern Africa, said a plan had been implemented to mobilise quality talent across Africa while increasing revenue targets for the firm. The local practice was also driving transformation, he said.

The practice was recently given an independently rated AAA for its broad-based black economic empowerment , which equates to a level 2 contributor status under the Department of Trade and Industry's codes.-(Businessday)