RSM grows global revenues by 9% to $6.3 billion
Global audit, tax and consulting network RSM has announced impressive 9% growth over the last financial year. The news means that the middle market specialist firm’s global revenue has increased by $1.6 billion over the last five years.
The professional industry has been hit hard by the Covid-19 pandemic, with many clients putting projects off in a bid to reduce their spending during the recession. Despite this, a number of firms have still managed to prosper through 2020, by either diversifying their offering, or doubling down on services that suddenly came into keen demand.
To that end, RSM has announced that it has seen its global revenue surpass $6 billion in the last financial year, up more than 9% from last year’s figures – while also upping its headcount across 120 countries to 48,000 people.
RSM’s Global Chief Executive Officer, Jean Stephens, commented, “2020 has been a challenging year but our growth reflects the agility and resilience we have shown in the face of adversity, adapting our digital infrastructure in line with rapid change, being purposeful in our decision-making and prioritising the wellbeing of our colleagues and business security of our clients. At a time when businesses are being challenged to transform, we remain focused on providing innovative, high-quality services and solutions to help our clients reimagine their future.”
While many industry players faced a struggle to maintain their current levels of income, RSM saw revenue buoyed from $5.7 billion from the last financial year to $6.3 billion from 2020. The latest spurt of growth means the firm has added $1.6 billion to its total haul in the last five years, as it seeks to capitalise on changing demand from mid-tier clients, and increasing apprehension regarding the services of the Big Four – who RSM has been working to win audit contracts from consistently in the UK in particular. In the last financial year this contributed to a 10% increase in audit revenue at the firm.
However, it was actually consulting which was the firm’s best performing service line. RSM’s consulting wing saw the biggest growth in demand of 15%. This was driven by demand for management and business consulting, IT consulting and risk management, as RSM supported middle market business leaders in their response to the pandemic, the reorganisation of their business operations and the digitalisation of their infrastructure.
This means that RSM’s leadership expects to continue this momentum through 2021, with the pandemic likely to last the best part of the year, and trends for digitalisation only looking set to accelerate in the coming months.
Stephens concluded, “I am enormously proud of how we have supported clients during this extraordinary time [and] we enter 2021 in a strong position. That said, we are highly cognisant of the fact that, in common with businesses across the globe, there will be material impacts on our Member Firms, clients and communities due to the lasting and ongoing effects of the pandemic. Amidst the uncertainty and many challenges presented by the pandemic, we have seized the opportunity to reflect, and reimagine how we collaborate, harness the right technology, stay connected and intentionally shape our future.”
