Professional services network Baker Tilly International has announced record revenues for the financial year ended 31 December 2022 of US$4.66bn (£3.88bn) reflecting growth of 13% at constant exchange rates. This continues a decade of consistent growth which has seen the network grow by nearly 40% since 2017.
All regions of the network showed expansion with Latin America being the fastest growing region at 23% followed by North America 16%, Asia-Pacific and EMEA both 10%. Combined revenues in North America exceeded US$2bn (£1.6bn) and in Asia-Pacific US$1bn for the first time.
Globally, headcount rose by 4.5% to 41,324 with 3,239 partners worldwide. The proportion of female partners in the network increased to an all-time high by the end of 2022 at 23.5%. We continue to seek to encourage ways for all our people to reach their full potential and to promote a culture of diversity, inclusion and belonging.
Among the largest markets in 2022 with more than 15% organic growth were Argentina, Belgium, Canada, Poland, Saudi Arabia, Thailand, and Turkey.
Although all our service lines grew, tax was the most impressive with an expansion of 15% in US dollar terms driven by regulatory changes and increasingly complex demands from local tax authorities. As with all professional services firms and networks who account in US dollars the strength of the currency in 2022 meant a significant negative impact on reported revenues but local currency growth was strong.
Over the last 12 months, Baker Tilly International has expanded its coverage by welcoming three new member firms into our network: Costa Rica, Guatemala and Saint Kitts and Nevis. We also saw significant expansion of a number of member firms via merger and acquisitions in the United States, Spain, Italy, Malaysia, Switzerland, Egypt, UAE and Hong Kong. We continue to seek to grow for strategic reasons to either build on existing strength or to fill gaps to meet client demands.
Baker Tilly International CEO, Francesca Lagerberg, said: “Since taking up my role on June 1, 2022, I have been impressed by the strength and breadth of the firms that make up our network.
“Despite it being a year of unprecedented macro political and economic volatility, all of our regions and our services lines have grown in revenues and perhaps more importantly the scale of their ambitions.”
“We have welcomed new firms to the network while existing members have made important strategic acquisitions while our new services focused on digital, legal and ESG have rapidly developed. These plans for expansion will continue. All of us look forward to another successful year in 2023 knowing that our blend of global reach and local understanding and our clear focus on offering clients a broad multi-disciplinary service will stand us in good stead.”
Baker Tilly International Chair and Baker Tilly US CEO, Alan Whitman, said: “In a year marked by difficult global events, the strength of our network shines through. Together, we look to 2023 and beyond with clarity and confidence in our strategic direction.”