RSM announces growth across every business line in 2017
RSM increases global revenue to over $5bn and expands into eight new countries
RSM increases global revenue to over $5bn and expands into eight new countries
RSM, the sixth largest network of independent tax, audit, and consulting firms, delivered growth across every business line in 2017.
It also saw global expansion, moving into eight new countries and gaining many more client referrals.
The expansion reflects RSM’s objective to help middle market businesses fulfil their global ambitions.
Jean Stephens, CEO of RSM International, said: “RSM’s long-term commitment is to be the adviser of choice to middle market businesses around the world.
“We are responding to changing business conditions and adapting our services to help businesses meet the challenges they face, including GDPR, Brexit, NAFTA, VAT in the Gulf region, and transparency in Africa – to name just a few.”
Last year saw RSM’s revenues rise by 5.6%, showing its dedication to building the brand since 2015 has paid off.
The firm is now benefiting from enhanced collaboration due to increased global expansion and cross-boarder client work rising by 20%.
The growth of each service line at RSM demonstrates its solid international expertise.
Audit and accounting is RSM’s strongest service line, with a total revenue of $2.5bn.
Tax advisory delivered a particularly strong growth of 5.7%, fuelled mainly by clients wanting to navigate complex tax rules and regulations.
Last year also saw a 4.8% and 17% rise in tax services in North America and Asia Pacific respectively. This follows the cut in the US corporation tax rate, revealing early signs that the US-China tax competition will continue to spark growth in 2018.
Other services amount to US$111m, and includes the recent introduction of significant legal services across several RSM firms.
RSM also grew in some of its geographical regions, as well as increasing its workforce and promoting new partners in 2017.
It strongest regional growth was in Sub-Saharan Africa, with a growth of 13.6% and a 30% increase in outbound referrals, as clients seek support with international expansion and challenging external environments.
Recognising this need, RSM added presence in Mozambique and Malawi among others in 2017.
In North America, fee income grew by 5.5% to $3.2bn, with a thriving cyber consultancy practice helping consultancy fees grow each year. RSM Canada joined the network in December last year.
Asia Pacific, Europe, and MENA all grew steadily and, in total, RSM expanded into eight countries: Bulgaria, Cambodia, Canada, Costa Rica, Guinea, Malawi, Mozambique, and Senegal.
The mergers and acquisitions which took place across Europe increased the client service scale and expertise in these geographies.
Stephens concluded: “In summary, a shifting political landscape, the risk and opportunity from new technologies, and an unpredictable economic climate set the scene for 2018.”
“Coming off the back of a very strong year, we look forward to forging ahead and helping our clients embrace this new digital and data-driven world.”