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January 14, 2014

Praxity grows 9% in 2013

Member revenue for global alliance Praxity grew 9% to US$4.1bn in 2013, up from $3.7bn in 2012.

While all service lines grew, management consulting led the way with a 27.9% growth to $417m, followed by litigation support, up 18.6% to $33.5m.

Praxity’s largest service line, audit and accountancy, was up 8.7% to $1,976m, while its tax services were up 9.8% to 906.4mRecovery and insolvency grew 13.1% to $42.9m, while corporate finance, Praxity’s smallest service line, grew 12.3% to $32.6m.

In North America, member revenue was $2,245m, an 11.2% rise on 2012, while revenues in Europe were $1, 314m, representing a growth of 7.5% compared to 2012.

Praxity saw its biggest growth in Asia Pacific, up 11.3% to $349.3m, and Africa and the Middle East also saw growth with revenues of $122.3m meaning an 8.1% increase. Revenues were flat in Latin America, at $51.5m.

Commenting on the results, Praxity chairman Rick Anderson said "while a portion of this growth was the result of strategic acquisitions by existing participants and the addition of a few key members in select countries, most of our member firms also had very good internal growth in 2013.

"They have clearly benefitted from the improving economies in many countries and their membership of Praxity."Praxity is the largest global accounting association, with one if its largest members being the global network Mazars, which reported just over $1.3bn in revenues in the past fiscal.

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