Global audit, tax and consulting network RSM International has experienced strong growth in fiscal year 2014. The network saw its revenue grow with 18% to $4.4 billion, an increase driven by its income fees in audit and accountancy, although consulting fees grew the most with 57%. The network’s headcount also grew 17% to nearly 37,500 staff, as it added 9 new member firms.
RSM International is the seventh largest global network of audit, tax and consulting firms and correspondents in the world. The network that was established in 1954, has returned to impressive growth in 2014 following a challenging 2013, and saw its global fee income grow with 18% year-on-year to $4.4 billion in the fiscal year (FY) ending 31 December 2014. The biggest increase in fee income was generated in in Europe, where the network experienced an increase of 79%, primarily the result of the addition of the former Baker Tilly network in the UK. Latin America enjoyed a grrowth of 22%, followed by 13% in Africa, 9% in Middle East and North Africa, 8% in North America, and 2% in Asia Pacific.
The sector that experienced the largest fee income growth was consulting/advisory, which grew with 57% to $838 million. Audit and accountancy fees, however, which increased with 17%, still generated the most income ($2.2 billion). Commenting on the results, Jean Stephens, CEO of RSM, says: “We have had a very strong year. We have driven growth in all continents and across all our sectors. These results can be attributed to our focus on strategies for continued consolidation, our advanced client-growth programmes for providing seamless services across borders, and our uncompromising attention to providing the highest possible quality services to our clients.”
In addition to an increase in revenue, the network also experienced a rise in the number of member firms, adding nine new member firms across four continents: Benin, Burkina Faso, Cameroon, Ghana, Uganda, Myanmar, Estonia, the UK, and Panama. The network now covers 112 countries, and saw its headcount increase with 17% to nearly 37,500 staff working across 732 offices. Stephens concludes: “We are in a strong position as we begin this New Year. The quality of clients and people we are attracting is world class. The network is energised by our achievements and we are looking forward to continuing this drive to bring further growth and success to our member firms and their clients during 2015.”