Crowe Global increased its revenues by 14% to $4.3bn in 2018 with strong performances across the board following a major brand consolidation in the period.
The growth was aided by good performances in the US, Germany, UK, and Singapore, and target acquisition activity from key member firms.
Each of Crowe’s regional groups experienced growth, with the Asia-Pacific practice growing by 41%, Africa by 9%, Middle East by 7%, North America by 6%, Europe by 5%, and Latin America by 2%.
The development of specific member firms also contributed to the growth. In November, Crowe won exclusive membership of Ruihua – one of the biggest firms in the country. Previously the firm had been a joint member of Crowe and RSM. Elsewhere in Asia, the acquisition of Toyo in Japan boosted revenues by $40m.
Some of the best performances came from the network’s most well-established members, including: the US (9% growth), Germany (17%), the UK (18%) and Crowe BGK Canada (33%). Smaller member firms also achieved strong results, including Hungary (104% growth).
Crowe Global CEO David Mellor, who was appointed to the position in April 2018, said: “The headline figures – in particular double-digit growth across the network – speak for themselves and should be celebrated. We are immensely proud of the work we have done throughout 2018 in a rapidly-evolving marketplace and are already building on those successes as 2019 gets underway.”
“The past year has been a period of significant change for Crowe and we have sought to position ourselves for continued future growth through investment in our people, as well as in processes and technology. It is pleasing to see the numbers reinforce the positivity we see around the network on a daily basis.”
“Anecdotally, the success stories that reach me from around the globe show that we have a network of market-leading firms dedicated to delivering lasting value for clients. Whether it is the US firm being named a leading cyber challenger brand by ALM Intelligence, the Singapore firm receiving the Institute of Singapore Chartered Accountants (ISCA) Growth award, or the UK firm topping the not-for-profit audit rankings for more than a decade, we are seeing lots of wins.”
“Importantly, the efforts of 2018 are helping us to foster deeper collaboration between and among member firms, building a global culture of innovation and efficiency, as well as growing multinational business.”