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April 9, 2019

HLB revenues hit $2.7bn

Network HLB International has reported a 15% year-on-year increase in revenue to $2.73bn for its 2018 financial year.

This is also up 62% compared to its 2013 results.

Its headcount grew 10% to 27,485 over the same period, working across 153 countries. 20% of HLB partners were female.

Audit and assurance made up the largest chunk of its revenues (39%) followed by tax (26%) and advisory (18%).

The network noted particularly strong growth in Europe, where its fees increased 29%.

HLB CEO Marco Donzelli said: “Our success is the result of HLB adapting to these turbulent times while anticipating where growth opportunities arise. Our agile nature, coupled with a deliberate focus on the strategic development of the network’s capabilities and diversifying service offerings, has seen HLB become one of the fastest growing networks, culminating in a 15% growth in 2018.

“And we will continue to grow from here. Our firms are evolving with their clients and embracing technology to offer more streamlined and targeted client offerings. We are developing the capabilities of our people to future proof the profession and we are innovating as a network, ensuring we continue with the collaborative and entrepreneurial approach to business that HLB is renowned for.”

HLB said it was aiming to reach $3bn by the end of 2020. According to the latest IAB World Survey, this would lift the network to be the 11th biggest network, assuming its competitors did not grow in the period.

That would also mean it had roughly doubled in size since 2007, when it recorded $1.56bn

2018 saw the network launch a rebrand, including new logo, website and tagline.

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