RSM 'only sixth' global accounting network to exceed total fees of $10bn

RSM, provider of assurance, tax and consulting services to middle-market businesses, today (4 January) reported worldwide revenues of $10bn for the 12 months to December 2024.

The results amount to year-on-year growth of 6% and make RSM only the sixth global accounting network to exceed combined fees of $10bn.

Global fee income for assurance services grew 15% to $3.2bn, while RSM’s tax revenues rose by 11% to $2.9bn, marking a second year in succession of double-digit growth.

Global consulting revenue remained consistent with $3.9bn, proving to be RSM’s strongest performing service line overall for a third year in a row.

Seven acquisitions across Europe coupled with growing demand for services in the region have contributed to an 8% increase across all service lines. North America, RSM’s largest region by revenue, witnessed 5% growth, reaching $6.6bn in fee income.

Strategic investment in talent, technology and digital transformation proved integral to RSM in Middle East and North Africa’s (MENA) exponential growth of 38% in fee income compared to 2023. Combined revenues in the region has doubled since 2021.

Continued regional collaboration, underpinned by an operational merger of six RSM member firms in Latin America, supported the region as a whole, recording 13% annual growth and $190.1m in revenue. In Africa, RSM achieved 17% growth marked by the region’s sustained development across all service lines. Asia Pacific continued its strong growth trajectory, achieving $1.1bn in revenue resulting from 7% growth.

E.J. Nedder, CEO of RSM International, said: “The combined revenues recorded by our organisation are testament to the value our Member Firms bring to a core part of the global economy, and underpin the vision of RSM’s 2030 global strategy. Our seamless and specialist cross-border solutions enable middle-market businesses to navigate challenges and build upon opportunities with confidence.

“This year’s results demonstrate both our clients’ and Member Firms’ resilience amidst challenging market conditions. As we look ahead to 2025, our organisation is committed to building on this solid foundation through evolving the global RSM experience to truly enable our clients and our people to unlock value and take charge of change.”

This year saw RSM US and RSM UK announce their pursuit of a "ground-breaking" merger, with both firms taking another significant step towards strengthening their global client offering and delivery of long-term growth.

RSM UK and RSM US clients will be served by a transatlantic, financially integrated, partner-owned organisation, one that is committed to investing in its growth and continuing to support the advancement of RSM’s 2030 global strategy.

E.J. Nedder said: “We see this strategic move as a key part of RSM’s journey in driving ever-closer collaboration through shared purpose, initiatives and goals. Innovating and succeeding together are key and fundamental values at RSM, which we are focused on harnessing to enhance our service capabilities to clients across borders.”

This year saw RSM’s member firms complete seven acquisitions across Europe. In Austria, the merger with Moore Interaudit Salzburg positions RSM as the leading auditor for medium-sized and international owner-managed groups.

Enhancing its foothold in Greater Copenhagen, Denmark, RSM acquired J H Revision, with combined billings of $28m.

In France, RSM has expanded its reach in the Rhône-Alpes and Grand Est regions by acquiring Cifalex, Sadex and CAP 21 respectively.

Lastly, RSM in Spain grew its national footprint by acquiring specialist law firm Lébeq.

E.J. Nedder added: “Our Member Firms’ recent acquisitions in Europe not only expand our footprint but also enhance our capabilities across important sectors. Taking our local, regional and global developments in 2024, RSM is reinforcing our position as the leading global provider of professional services to the middle market.”