RSM International saw revenues rise by 5.6% to $5.1bn (£3.7bn) in 2017, reporting growth in each of the network’s service lines and geographical regions and expanding into eight new countries
Audit and accounting continues to be RSM’s largest service line with a total revenue of $2.5bn.
The network said tax advisory delivered strong growth at 5.7%, fuelled mainly by clients looking to navigate complex international, regional and national tax rules and regulations.
Tax services grew by 4.8% and 17% in North America and Asia Pacific, respectively. RSM’s consulting service line grew by 3.8%, with the strongest performance in MENA with a rise of 30%.
Other services (outside of audit and accounting, tax and consulting) totalled $110m and include the recent introduction of significant legal services across several RSM firms.
RSM grew in each of its geographical regions in 2017, with the strongest regional growth coming from Sub-Saharan Africa which grew 13.6% and saw a 30% increase in outbound referral.
Fee income in North America grew by 5.5% to $3.2bn. Asia Pacific continued to grow steadily at 4.8%, and RSM India won a significant number of new clients following the implementation of a unified goods and services tax. Europe and MENA were up by 6% and 8.2%, respectively.
In total RSM expanded into eight new countries in 2017 (Bulgaria, Cambodia, Canada, Costa Rica, Guinea, Malawi, Mozambique and Senegal). Mergers and acquisitions have taken place in Germany, Netherlands, Northern Ireland, Poland, Republic of Ireland, and UK.
Jean Stephens, CEO, RSM International said: ‘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.
‘The coming year brings with it the promise of even further disruption; from the re-drafting of international tax and data regulations to the introduction of emerging technologies, digital innovations, and the growth in the “gig economy”. Traditional business models are no longer going to suffice.
‘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.’
Report by Pat Sweet
