Accounting firms in Praxity global alliance achieved record combined global revenues of US$6.38 billion for the year ended 31 December 2019 – an increase of 9.3% in real terms.
The strong year-on-year growth represents 9.4% at constant exchange rates, underlining Praxity’s position as the world’s largest alliance of independent accounting and consulting firms.
Results for 2019 show combined revenues of Praxity member firms increased in every region of the world last year, reinforcing the alliance’s global presence. Strongest growth was in Latin America (including Mexico and the Caribbean), up 27.8% to US$75 million compared to the previous year.
Praxity chairman, Gordon Krater, said, “I am delighted to report that, once again, Praxity member firms have achieved record combined global revenues, underlining our top position in the IAB world rankings. The majority of the rise is due to organic growth of member firms along with their key strategic mergers.”
The US & Canada remains the region generating most income, with combined revenues rising by 13.1% to US$3.56 billion. There was also a significant increase of 9.2% in Asia Pacific (including Australia and New Zealand) to US$904 million.
Praxity member firms also achieved growth across all sectors, with sharp rises in advisory services, although audit remains by far the major service line at US$2.54 billion, up by an impressive 11.2% on the previous year.
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Tax remains the second largest service line, increasing by a healthy 9.3% to US$1.59 billion. Management consulting – now the third biggest service line for Praxity firms – grew by 12.9% to US$739 million.
Commenting on the alliance’s ongoing success, Gordon added, “This represents the 13th consecutive year of growth since Praxity was founded in 2007, which is a remarkable achievement given the pressures on the global economy. It demonstrates our collaborative approach to assurance, tax and consulting is a winning model.”
The record-breaking revenues cap a highly successful year for Praxity, which was crowned IAB Association of the Year in 2019 for the fourth time in six years.
The judging panel praised Praxity for the continued growth of member firms and the ongoing collaboration between them.
Praxity executive director Graeme Gordon commented, “It is a testament to the hard work of the Praxity staff, and all the partners and staff within the Alliance.”