PwC Cyprus grows revenue to €80 million and extends social impact

PwC Cyprus has increased its revenues by 3% in its latest fiscal year, to a total of €80 million. The headcount of the accounting and consulting firm grew to nearly 1,000 in total, across offices in Nicosia, Limassol and Paphos.

“Our positive results were the outcome of a great, collective effort by the entire PwC team as well as each and every one of us,” said Evgenios Evgeniou, the CEO of PwC Cyprus. Largest growth drivers were the Consulting and Deals practices, which grew by 37% and 40% to revenues of €7.0 million and €3.5 million respectively. Likewise, the Legal Advisory practice saw fee income jump by 29% to €3.1 million. Assurance remained PwC’s largest Cypriot wing, generating €21.1 million (-9%), followed by International Private Clients, which also saw turnover drop (-3%).

Meanwhile, PwC’s total contribution to the Cypriot economy, society and the environment stood at €166.8 million in its 2017/18 fiscal year, up by €4 million on the year previous, according to PwC’s so-called Total Impact Measurement & Management (TIMM) framework. This model examined the firm’s wider contribution to Cyprus, by taking a more innovative and multidimensional method of measuring impact. “Besides our financial performance, we are naturally proud of the fact that PwC Cyprus is a steady leader in Cyprus’ professional services sector,” commented Evgeniou.

Similar to corporate social responsibility initiatives by other PwC member firms, PwC Cyprus put significant efforts to give back to society last year. The firm’s professionals donated around €80,000 worth of pro-bono and discounted services to community organisations and charitable institutions, and donated €60,000 in direct funding to non-profit organisations.

In a bid to support the professional development of its staff, 15 of PwC’s Cyprus team members were granted a secondment with foreign offices, including PwC US, PwC UK, PwC Hungary, PwC Netherlands and PwC Middle East. In addition, a total of 22 people transferred to a different line of service within the organisation and 51 to a different business unit within their line of service. “This enables our professionals to get a diverse work experience,” said Evgeniou.

Looking ahead, PwC’s Cyprus CEO highlighted that the firm’s partner team have charted a course for a successful future. “We have embarked on a challenging journey of digital transformation, which has redefined the way we work, combining people’s experience with our expertise and new digital tools, so as to offer our clients new, innovative services,” he stated. “The launching of new services like cybersecurity, digital, funds and wealth management are key to our effort to be ahead of the curve in proactively meeting the needs of the market.”

PwC Cyprus is led by a Board consisting of Evgenios Evgeniou, CEO; Liakos Theodorou, Head of Assurance; Theo Parperis, Head of Tax and Legal; Philippos Soseilos, Head of People; and Marios Andreou, Head of International Markets.

In the summer, PwC Cyprus admitted Michalis Stephanou and Charalambos Sergiou into the firm’s partnership.