Nexia network sees 3% fee income rise

by Kevin Reed

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07 Feb 2014

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REVENUES CREPT up for international network Nexia, increasing 3% to $2.9bn (£1.8bn).

Nexia operates through a number of firms in the UK, including Smith & Williamson, Saffery Champness and Scrutton Bland.

The network said that had grown its global presence, with firms in Mongolia, Bangladesh, Egypt, Poland, Bulgaria, Uganda, the Bahamas and Saudi Arabia joining the network. During 2103 these firms saw a 4% rise in staff, based in 604 offices. "These results reflect the network's continued success in implementing its strategy of recruiting high-quality member firms from around the world," it said in a statement.

However, Nexia revealed that 2013 saw its largest share of fee income from North America ($1.41bn). Europe represented $1.16bn, Asia-Pacific £250.5m, Latin America $47.55m and Africa & the Middle East $43.6m.

The vast majority of the income growth was organic, a Nexia spokesman told Accountancy Age.

Kevin Arnold, CEO of Nexia International, said: "These results reflect the success of our growth strategy which is to recruit high-quality firms in key and emerging markets, together with the delivery of several innovative initiatives designed to benefit our member firms.

"Our impressive fee income combined with the number of enquiries we receive from firms around the world wishing to join the network is clear evidence that Nexia International continues to go from strength to strength."

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