Connect with us

BUSINESS

Praxity Global Alliance reports record combined global revenues of its participant firms

Praxity Global Alliance reports record combined global revenues of its participant firms

Growth underlines Praxity’s leading position in the accounting sector.

  • FY16 global revenues up nearly 8% to US$4.75 billion
  • Sharp growth in advisory services
  • Asia Pacific region continues fast growth

Combined global revenues of Praxity participant firms hit a record high of US$4.75 billion for the year ended 31 December 2016. This represents a year on year increase of 7.8% at constant exchange rates.

The combined income of Praxity participants has now grown for 10 consecutive years, cementing Praxity’s position as the world’s largest alliance of independent accounting and consulting firms.

Hilton Saven, Praxity’s Chairman, said: “The continued success of the alliance demonstrates the commitment of participant firms to sharing expertise across international borders and delivering world class client service at a local level.”

The biggest growth in revenues was in advisory services, up nearly 19% to US$950 million. There was also impressive growth in tax services, up 9.4% to US$1.2 billion. Audit and assurance was the main revenue stream at US$1.9 billion, an increase of almost 6%.

The Asia Pacific region continues to grow quickly, up almost 18% to US$516 million. There was significant growth in the US & Canada, up 9.4% to US$2.7 billion, while revenues from Europe grew 2.3% to US$1.3 billion.

Praxity participant firms now employ 41,783 professionals in 103 countries, an increase of 7.0%, while the number of partners rose 5.0% to 3,451, further underlining the firms’ global presence.

“Having recorded 10 years of consecutive growth, our strategy is to continue to develop a platform for participant firms to connect and share international expertise in a seamless and cost-effective way, without losing their identity,” Hilton Saven added.

Growth at a glance

Employment

  1. 41,783 professionals in 103 countries (up 7%)

Service lines

  • Audit & Assurance          US$1,864 million (up 5.9%)
  • Accountancy                      US$540 million (down 0.6%)
  • Tax Services                       US$1,211 million (up 9.4%)
  • Advisory                              US$950 million (up 18.6%)
  • Other                                    US$183 million (down 5.5%)

Regional growth

  • US & Canada                      US$2,712 million (up 9.4%)
  • Latin America*                  US$53 million (down 13.8%)
  • Asia Pacific**                     US$516 million (up 17.7%)
  • Europe                                 US$1,333 million (up 2.3%)
  • Africa                                    US$82 million (up 15.1%)
  • Middle East                        US$52 million (up 1.8%)

*including Mexico & Caribbean

**including Australia & New Zealand

International awards

Praxity Global Alliance was named ‘The Association of the Year’ at The Accountant & International Accounting Bulletin 2016 Conference and Awards. It is the second time in three years that Praxity has won the award.

Continue Reading
Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

Recent Posts