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RSM’s Global Revenues Up 16% to Record $9.4B

RSM’s Global Revenues Up 16% to Record $9.4B

RSM – a company that provides auditing, tax and consulting services – announced this Tuesday, 13th February, an increase in its global revenues, reaching 9.4 billion dollars in the financial year ending December 2023, representing a growth of 16% compared to the same period last year.

According to a company statement, the organisation’s revenue structure shows a 13% increase in accounting and auditing fees, totalling 3.6 billion US dollars. RSM’s tax revenues jumped 17 per cent to 2.6 billion dollars. The consultancy side was also dynamic, with revenues totalling 3.1 billion US dollars, an increase of 16% compared to 2022.

The document explains that the growth was transversal to all geographical regions, with Europe standing out with an increase of 36 per cent compared to 2022, as a result of the continued development of 33 “Member Firms” and the integration of “RSM Ebner Stolz” in Germany. “North America, the region that accounts for RSM’s largest volume of revenue, recorded a 13 per cent increase in fees, driven by significant growth in tax and consulting services, especially in the areas of IT consulting and ESG – Environmental, Social and Corporate Governance,” reads the statement.

RSM clarifies that a strategic merger in South Africa in July 2023, together with generalised progress in the region which also includes the Mozambique operation, contributed to a 29% increase in African revenue during the period. Exceptional growth was also noted in the Middle East region, with an increase of 30 per cent compared to 2022, and in Latin America, with growth of 18 per cent. The Asia-Pacific region, representing more than a billion dollars in revenue, grew by 8 per cent.

Since the implementation of RSM’s Global Strategy 2030 at the beginning of 2023, the organisation has established the fundamental foundations for continuous growth, transformation and change, focusing on four Strategic Pillars: People, Clients, Technology and Solutions, explains the document.

“The 13 per cent increase in global headcount highlights the consultancy’s commitment to fostering an inclusive culture and an unrivalled talent experience, underlining the importance of simultaneous investment in human and technological capital as catalysts for sustained growth and the creation of increasingly customer-oriented experiences. Investment in technology and digitalisation quadrupled in 2023 compared to the previous year, complementing the substantial technological investments made by RSM Member Firms in all jurisdictions,” the company’s statement said.

For Jean Stephens, CEO of RSM International, “this year’s financial results undoubtedly reinforce our position as the global professional services provider of choice for the middle market. Driven by our Global Strategy 2030 – Leading Change – RSM has fostered unprecedented collaboration at a global level to innovate and exceed client expectations across borders”.

“Prioritising the generation and sharing of knowledge, optimising efficiency and effectiveness in the provision of services and promoting connectivity through an advanced global digital infrastructure, RSM is committed to offering innovative human perspectives, supported by technology,” he added.

Present in Mozambique, RSM’s global growth trend throughout 2023 was also reflected in this geography, the firm points out.

“The year 2023 was challenging, but it also revealed significant opportunities to expand our presence and contribute to the country’s economic development. We are excited about the continued growth potential in Mozambique and are committed to continuing to support our clients in achieving even more positive results in the future,” said the company’s Managing Partner, Paulo Lopes.

Future prospects

According to RSM, an important milestone for 2024 is the launch of the company’s evolved global brand, characterised by a new visual identity and revitalised messages, which aim to more accurately reflect the breadth and depth of the organisation today, as well as its purpose of instilling confidence in an ever-changing world.

Reaffirming its commitment to human capital as a fundamental pillar of the brand, RSM has introduced a new creative tool, derived from its logo. “Called the ‘Progress Pattern’, this element symbolises the journey of innovation and solving specific customer challenges, representing the movement towards achieving future goals in a complex and volatile world, and reflecting RSM’s focus on the most pressing issues for customers and employees,” the company points out.

See Also

In terms of technological innovations, January 2024 marked the launch of RSM Luca – the organisation’s digital audit ecosystem, which integrates advanced technologies and efficient processes to facilitate agile, insight-rich and technology-driven audits, adapted to the specificities of clients’ business environments.

In addition, continues the document shared with the ED, RSM is committed to stepping up investment in sustainability initiatives and frameworks, as well as in the evolution of independence systems and inspection procedures, ensuring that responsible business practices and quality remain at the heart of the company’s service offering across the board.

“Throughout 2024, we will pursue a wide range of transformative projects, continuing to mobilise our global strength to maximise relevance with our key partners. These financial results provide a solid foundation for even greater future growth, ensuring that RSM continues to strengthen as we move forward with confidence, commitment and vigour,” concluded Jean Stephens.

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