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RSM UK reports double digit growth after successful rebrand

RSM UK, formerly Baker Tilly in the UK, has reported a 26% growth in the year ending 31 March 2015 up to £292m, following the global network successful rebranding.

It is the first financial result the UK firm has published since officially changing its name to RSM in October 2015, as well as the first full year contribution of the former Tenon business acquired in September 2013.

RSM Tenon was acquired by then Baker Tilly in the UK (Baker Tilly) in 2013, a few months before Baker Tilly left the Baker Tilly International network to join RSM International. In June 2015, RSM International announced it would adopt the global trading name RSM across all member firms.

Rebranding and acquisitions have served RSM well, as in FY15 the UK firm reported that consolidated profits have grown by 52% to £19m, while profits for the RSM UK Group LLP have rose by 39% to £45m over the same period. In addition, the average member's profit rose by 10% to £362,000.

Elsewhere the UK firm has reported double digit growth in all of its service line for the second year in a row.

Corporate finance grew by 21% to £29m, while audit and assurance services hit £76m which a 10% growth. Moreover, tax and advisory has been reported as the top generator of service line revenues (£121m) but grew at the smallest rate (10%).

Consulting is RSM in the UK's fastest growing service line, up by 195% to £8m for financial year ends March 2015, while risk assurance has grown by an impressive 86% to £22m.

Given the success of RSM's branding overhaul in the UK over the last two years, it is not surprising to learn that its third fastest growing service line is restructuring advice up by 69% to £44m in comparison to £27m for financial year ends March 2014.

Laurence Longe, managing partner of RSM in the UK said: "Major structural developments alongside the recent launch of the new global branding has laid the foundations for RSM to become the first-choice adviser to middle market leaders".

"This year's financial record financial results for the firm show not only the full impact of the absorption of the former Tenon business, but also reflects organic and underlying growth in multiple revenue streams following the successful completing of the strategic restructuring of the firm."

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