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

09 October 2018

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.

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

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.


BearingPoint books 8th consecutive year of growth since buyout

11 March 2019

BearingPoint has booked its eighth consecutive year of growth since gaining independence, lifting its global revenues to a record €739 million.

“I am proud that we were able to continue our path of sustainable and profitable growth in 2018 and reached the highest revenue ever,” said Kiumars Hamidian, who took over the reins at the management and technology consultancy in September last year. 

Underpinning the firm’s 4% growth, BearingPoint made over 1,100 new hires in 2018, lifting its headcount to over 4,500 employees. The partnership was enlarged with the appointment of 21 new admissions, of which 14 were promoted internally, and 7 recruited externally. “This demonstrates our attractiveness as employer of choice for top talent and confirms our commitment to the model of an independent partnership fully focused on client service,” said the firm’s boss in a press statement.

Western Europe was BearingPoint’s powerhouse region for growth last year. The regions France and Benelux (Netherlands, Belgium and Luxembourg) and the United Kingdom & Ireland booked growth “far above the market average”, said Hamidian. While not disclosing exact numbers, according to the latest data available, UK’s consulting industry on average grew by just over 5% last year, France saw its advisory market accelerate to over 6% growth, while the Benelux recorded growth of around 4%. Revenues of BearingPointIn the latter region, the consultancy last year launched an office in Luxembourg, where it has been supporting clients since the turn of the century, and acquired Belgian firm Inpuls, a data specialist, doubling its size in the country. In the largest of the three markets, the Netherlands, BearingPoint grew its team to over 60 consultants. 

Founded in 2009 in its current form, BearingPoint’s roots go back over 100 years to the early days of two of the biggest names in professional services: Arthur Andersen, founded in 1913, and KPMG, founded in 1987. Following a 2001 spin-off of KPMG Consulting from its Big Four parent KPMG, the BearingPoint brand entered the stage, and after the firm buckled to financial difficulties in North America in 2009, the then successful European division decided to complete a management buyout. 

Under the leadership of Peter Mockler, who passed on the baton to Hamidian, the renewed BearingPoint has been a remarkable success story since, growing its revenues from €441 million back then to today’s €739 million. The firm now has offices in 19 European countries, with locales in Casablanca and Dubai used to serve the Africa and Middle East markets. Outside EMEA, BearingPoint has offices in Asia and the US, and to cover other regions, it works with strategic partners: West Monroe Partners in North America, Grupo ASSA in South America, and ABeam Consulting in Asia.

Organised across three divisions, consulting last year recorded 6% growth, while the software solutions business grew slightly slower than in previous years. The ventures arm continued its expansion, investing in Insignary, an Asian start-up that develops open source software security and compliance. Two years ago the venture capital unit took a stake in Norwegian insurance technology start-up Tribe.

Looking ahead, Hamidian said that the firm is well on track to deliver on its long-term strategy. “The execution of this strategy will allow for more success and further growth in the upcoming years,” he commented, highlighting markets, portfolio and people as the key pillars.

Related: Kiumars Hamidian unveils his first focus areas as BearingPoint's new CEO.