Praxity Alliance pushes through $5bn barrier
The Praxity Alliance of independent accounting and consulting firms has reported record global revenues of $5.2bn (£3.7bn) for the year ended 31 December 2017, representing a year-on-year increase of 9.5%
9 Feb 2018
The biggest growth was in audit and assurance services, the main revenue stream, which was up more than 12% to nearly $2.1bn. Revenues from ‘other services’ increased more than 25% to $230m.
Internationally, the biggest increase in growth was the Asia Pacific region, up nearly 37% to $706m. Increases in other regions were more modest, with Africa up more than 10% to $91m, Europe 7.7% ($1.4bn) and US and Canada 5% ($2.9bn).
Participant firms now employ 47,609 people in 103 countries, an increase of nearly 14%. The number of partners rose 6.7% to 3,682.
Hilton Saven, Praxity’s chairman, said: ‘This is a great way to kick off our second decade. This record-breaking performance is testament to more than 47,000 worldwide experts and support staff at participant firms. The continued success of the Alliance demonstrates their commitment to sharing expertise across international borders and delivering world class service at a local level.’
Praxity is a not-for-profit entity covering all international jurisdictions, and services are delivered by Praxity’s independent member ‘participant’ firms. It is not a ‘network’ and does not practice public accountancy or provide audit, tax, consulting or other professional services itself.
Report by Pat Sweet