Accounting firms in the Praxity Global Alliance have reported record combined global revenues of $6.96bn for the year ended 31 December 2020, an increase of 9.1% year on year
Revenues of member firms in the US and Canada region rose 7.2% to $3.86bn in 2020. Europe revenues grew 10.7% to $1.82bn while Asia Pacific (including Australia and New Zealand) grew 13.8% to $1.03bn. The fastest growing region was the Middle East (23%) although revenues are relatively small at $62.41m.
There was significant growth in the accounting service line, rising 48% to $1.08bn. However, audit remains the largest service line, up 3.6% on the previous year to $2.63bn. There was also a significant increase in tax revenues, rising 12.3% to $1.79bn.
Praxity chairman, Gordon Krater, said: ‘I am delighted and hugely proud that the Alliance has reached another milestone of posting its highest ever combined global revenues despite the adverse effects of the Covid-19 pandemic on accounting firms and their clients.
‘Praxity’s strong and stable position is testament to the way in which our member firms support each other and support their clients to overcome business challenges and local and global disruption.’
Graeme Gordon, Praxity’s CEO, added: ‘In 2020, Praxity member firms not only achieved record combined revenues during a challenging period but this growth was mainly organic. Staffing levels increased by only 4% and there was very little change in partners, both of which suggest better use of resources and internal, organic growth rather than through mergers and acquisitions, or through the addition of new members to the Alliance.’
Praxity has over 700 offices worldwide with 51,000 professional staff members.