Association of firms Praxity saw revenue grow 3% year-on-year in full year 2012, despite suffering a 23% decrease in audit and assurance revenue over the same period. This service line accounts for almost 50% of Praxity’s total revenue.
Nevertheless, the association’s total revenue growth from $3.687bn in 2011 to $3.723bn in 2012 was driven by a strong increase in secondary service lines such as advisory services, especially in litigation support and corporate finance.
"Although this is a modest increase, when you take into account the market conditions and exchange rate fluctuations, this is a strong and solid performance," commented Praxity chairman Rick Anderson.
Praxity’s best performing regions were Latin America (11% growth) and North America (5% growth), while business for member firms in Europe decreased by 5%.
Praxity’s participant firm total grew from 69 to 62, following M&A activity, and representation went up from 2,500 partners in 84 countries to 2,768 in 95 countries, with the latest additions coming from Greece, Jordan and Kuwait.