RSM reports 9% growth
18 Dec 2017
Top 10 firm RSM has confirmed a return to growth after a static period between 2015 and 2016, posting a 9% increase in UK fee income
18 Dec 2017
Revenues at the firm, formerly known as Baker Tilly, hit £319m for the year to 31 March 2017, up from £292m the previous two years.
Tax and advisory services grew by 8.6% to £138m, while audit and assurance climbed 4.8% to £77m. Restructuring advisory grew 9.6% to £39m, while risk assurance grew 14.6% to £25m. Corporate finance had a slower year, growing 1% to £24m.
Partner and staff numbers rose by 4% to almost 3,500 while total partner and staff remuneration increased by 11% to £202m.
The firm moved to a hybrid company/partnership model following its acquisition of RSM Tenon in 2013. The consolidated UK company profits grew by 16% to £5m, while profits of RSM UK Group LLP rose by 15% to £49m.
Meanwhile dividends paid to staff, partners, and retired staff and partners rose by over 4% to £3m.
Laurence Longe, RSM’s chief executive, said: ‘This year’s excellent financial results very clearly show the commercial benefit of the major investment that has been made in first reshaping and then rebranding the firm following the absorption of the former Tenon business in 2013.
‘Significant underlying organic growth in multiple revenue streams in 2017 is now making its contribution to RSM achieving its long term strategic objective of becoming the first-choice adviser to middle market leaders, globally.’
Report by Calum Fuller