PwC to expands its Services in Romania

Date: 19-07-2007
Source: RomPress

Local branch of consultancy and audit company PricewaterhouseCoopers (PwC) has budgeted an increase by 25 percent for each of the immediate years, which is to result in a doubling of the company business as against last year's figures when it recorded a turnover worth 34 million euros.

'We are confident the market will support this increase, so that we double our business in the next years,' Peter de Ruiter, a partner with PwC Romania, told the Business Standard daily.

PwC holds offices in Timisoara (western Romania), Cluj Napoca (central-west), with another office to be opened in September in Constanta (south-east).

At a local level, PwC carried three types of services, that is audit, legal and financial consultancy services, as well as managerial consultancy services.

The studies of the European Federation of Management Consulting estimate that the total revenues of the consulting management companies in Romania stood at 200 million euros in 2005, with an average increase rate of 20 percent.

According to data provided by the Romanian Association of Management Consultancies, the domestic management consulting market reached 260 million euros last year, with the estimates for this year pointing to an increase by 40 percent.

The growth rate is very high compared with the European figures, but in Romania the increase stands between 240 and 360 million euros, while in Europe just 1 percent increase might result in a rise in business by 100 million euros. It is about the size of the market, a representative for the Romanian Association of Management Consultancies explained to the Capital weekly.

He also said that the growth rate, which is much higher as compared with the relevant European average, attracts on the domestic market large international players too.

Even if those players didn't target the local market especially, but merely followed their customers, as a result of a global understanding, it is very likely they decide to strengthen their cooperation relations with the local consultancy companies and acquire local management consultancy offices.