Total revenue was up 9.3% for the year ended 31 December 2019. The US and Canada account for over half of fee income with combined revenues of $3.56bn, up 13%. There was also a 9% increase in Asia Pacific (including Australia and New Zealand) to $904m.

Growth across Europe was slower, with revenues increasing 2% from $1.61bn in 2018 to $1.64bn in 2019.

Combined revenues of Praxity member firms increased in every region of the world last year, with the strongest growth in Latin America (including Mexico and the Caribbean), which was up 27.8% to $75m compared to the previous year.

Praxity member firms reported growth across all sectors, particularly in advisory services where litigation support was up 60% to $40m, and corporate finance by 30% to $57m. 

Audit accounted for nearly half of fee income at $2.54bn, up by 11% on the previous year. Tax was up by 9% to $1.59bn and management consulting, now the third biggest service line for Praxity firms, grew by 13% to $739m.

Praxity chairman, Gordon Krater, said: ‘This represents the 13th consecutive year of growth since Praxity was founded in 2007, which is a remarkable achievement given the pressures on the global economy.

‘The majority of the rise is due to organic growth of member firms along with their key strategic mergers.’

UK Praxity members include Albert Goodman and PM&M Accountants.