Posted By Gbaf News
Posted on January 17, 2014
Praxity – the world’s largest Alliance of independent accountancy firms – reports a 9% increase in member revenue for 2013 – 6% higher than the previous year.
Figures submitted in January to the World Survey of Accounting Networks, Associates and Alliances reveal member firm fees rose from US $3.7bn in 2012 to US $4.1bn a year later (a 9.7%+ rise on a like-for-like basis).
This represents an increase in all service line revenue; lead by almost a 28% rise in Management Consultancy fee, followed by Litigation Support at over 18%, Corporate Recovery/Insolvency 13%+ and Corporate Finance 12%+. Tax Services grew by nearly 10% and Audit and Accountancy in excess of 8%.
The traditional audit and assurance service line accounts for almost 42% of Praxity’s combined revenue.
In the regions, North America and Asia Pacific reported revenue growth over 11%, Africa and Middle East and Europe posted 8%+ and 7%+ respectively.
2013 not only signalled increasing member revenues; Praxity was named Rising Star Association of the Year, members picked up an unrivalled number of awards including ones for ‘Cultural Compass’ innovation, employment practices, websites, branding, marketing, technology and payroll provision, there was achievement recognition in Indonesia from the ACCA for the work of a Praxity Partner and improved representation via 2,710 partners in 612 offices, in 97 countries. Indonesian, Indian, Palestinian, German and Icelandic firms were amongst the latest additions.
Praxity Chairman, Rick Anderson, comments: “I am very pleased with the success Praxity and its member firms had in 2013. We achieved significant growth in four of the five major operating regions around the world and performed well in our service lines.”
He concludes: “It is important to note that while a portion of this growth was the result of strategic acquisitions by existing Participants and the addition of a few key members in select countries, most of our member firms also had very good internal growth in 2013. They have clearly benefitted from the improving economies in many countries and their membership of Praxity. I am confident 2014 will be an even better year for Praxity and its member firms.”
| Revenue by Service Line |
2013 |
2012 |
% Increase 2013 – 2012 |
| Audit and Accountancy |
1,975,509,204 |
1,816,810,902 |
8.7% |
| Tax Services |
906,392,547 |
825,815,877 |
9.8% |
| Management Consulting |
416,954,834 |
326,019,407 |
27.9% |
| Corporate Finance |
32,582,686 |
29,013,651 |
12.3% |
| Corporate Recovery/Insolvency |
42,911,648 |
37,947,337 |
13.1% |
| Litigation Support |
33,483,265 |
28,224,753 |
18.6% |
| Other |
675,054,914 |
656,849,383 |
2.8% |
|
| |||
| Total |
4,082,889,098 |
3,720,681,310 |
9.73% |
| Revenue Region |
2013 |
2012 |
% Increase 2013 – 2012 |
| North America |
2,245,159,104 |
2,019,382,000 |
11.2% |
| Latin America |
51,540,049 |
51,507,000 |
0.1% |
| Asia Pacific |
349,333,196 |
313,875,000 |
11.3% |
| Europe |
1,314,494,206 |
1,222,710,310 |
7.5% |
| Africa and Middle East |
122,362,543 |
113,207,000 |
8.1% |
|
| |||
| Total |
4,082,889,098 |
3,720,681,310 |
9.73% |
To find out more about Praxity, visit www.praxity.com
