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