Combined revenues of participant firms in the Praxity Global Alliance hit a record high of $4.75bn (£3.79bn) for the year ended 31 December 2016, a year on year increase of 7.8% at constant exchange rates, and the tenth consecutive year of growth
The biggest growth in revenues was in advisory services, up nearly 19% to $950m. Tax services also saw increased revenues, up 9.4% to $1.2bn. Audit and assurance was the main revenue stream at $1.9bn, an increase of almost 6%. Accountancy services dipped by 0.6%, reaching $540m.
The Asia Pacific region continues to grow quickly, up almost 18% to $516m. There was significant growth in the US and Canada, up 9.4% to $2.7bn, while revenues from Europe grew 2.3% to $1.3bn.
Praxity participant firms now employ 41,783 professionals in 103 countries, an increase of 7%, while the number of partners rose 5% to 3,451.
Hilton Saven, Praxity’s chairman, said: ‘Having recorded 10 years of consecutive growth, our strategy is to continue to develop a platform for participant firms to connect and share international expertise in a seamless and cost-effective way, without losing their identity.’
