RSM aims for '£200m by 2007'
Mid-tier firm RSM Robson Rhodes says it aims to 'become a £200m business by 2007' after announcing a 16% increase in annual fee income in the last financial year.
Link: Robson Rhodes releases first results
The top ten firm’s takings have grown from £57m in 2002 to £65.8m this year according to its annual results out today. And the ambitious LLP said it plans to build on this success.
Partner Sukhbinder Heer told Accountancy Age: ‘We have created a platform to take us to that level. We will make strategic investments in new areas and continue to grow structurally and operationally.’
He added that the firm had, in many areas, outbid the Big Four when it competed against them for contracts across all service lines.
The firm had improved earnings across all sectors but one. Its biggest increase was its corporate advisory services that grew 37% and includes the business recovery and company turnaround sectors.
Senior partner Chris Connor said: ‘The 17% rise in audit income also signals that companies are prepared to pay more for the assurance of robust audit in the wake of governance failures.’
Heer added that last year’s corporate scandals had made potential clients more discerning and he found companies were no longer just buying services from the Big Four because of their size. Sarbanes-Oxley, he added, also boosted their business.
But its pensions and investment service line fell by 18%. Heer said the decline was due to the bear market and current jitters about retirement funds.