PwC Australia reports 15% drop in annual profit
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The news: PwC Australia has reported a 15% drop in full-year profit for the 2024 calendar year, as the embattled professional services firm revealed its audited financial results for the first time.
The numbers: PwC Australia recorded annual profit of $619 million, down from $727 million in 2023.
The context: The publication of the report is one of 47 actions outlined in PwC Australia's 'Commitments to Change Action Plan' — a strategy formulated in 2023 in response to the company's highly publicised tax scandal, which uncovered the consultant’s use of confidential information about tax avoidance legislation to win new business.
In the report, PwC Australia's inaugural independent governance board chair John Green said providing an independent assessment of the company's progress is "critical" to rebuild trust with its stakeholders.
PwC Australia saw its profit slide nearly 25% in fiscal 2024. The firm said the declines had been primarily driven by the sale of its government consulting business in November 2023 as well as wider economic headwinds.
The source: PwC Australia Annual Report
