Nexia International revenues rise 13%
26 Jan 2018
Accounting network Nexia International has announced global revenues of $3.62bn as part of its 2017 annual results, an increase of 13% on 2016
26 Jan 2018
This increase in global revenue is a result of consistent growth across the network. The Asia Pacific region achieved significant growth of 62%, with China more than doubling its growth in consecutive years.
Nexia’s other regions including North & Central America, Latin America and Europe all reported 8% growth, while Africa grew 5%.
The network also expanded by adding new member firms in China, France, Latvia, Nepal and Saudi Arabia.
Kevin Arnold, chief executive of Nexia International, said: ‘This impressive increase in fee income is great news and clearly shows that the network continues to go from strength to strength.
‘These results are clear evidence of the ongoing successful implementation of our long-term growth strategy of recruiting high quality firms in key and emerging world markets.’
Nexia’s largest UK member is top 10 firm Smith & Williamson, which generated £224m despite speculation over its future ownership. It hit the headlines last summer when it was revealed that it was considering an offer to merge with investment management firm Rathbone Brothers.
The tie-up would have created a £2bn operation, with £56bn of assets under management and given Rathbone additional accountancy capacity. A week after the bid was announced, S&W received a rival offer from Tilney Bestinvest. However, neither deal came to fruition and it is now preparing itself for a possible IPO in 2019.
Other UK member firms include Saffery Champness.