Nexia International reported $4.02bn in global revenues in 2018, surpassing the $4bn mark for the first time.

The networks revenue was an increase of 11% on 2017 and was a result of consistent growth across every region, with North America and Asia Pacific performing particularly well.

The rise in fee income in Asia Pacific was in part due to the recruitment of new member firms in China.

Alongside Nexia’s additions of new member firms in China, it also added member firms in Belarus, Bulgaria, Italy, Mali, Uganda, Zambia, and Zimbabwe.

Nexia International CEO Kevin Arnold said: “It is very pleasing to record another year of double digit growth and our long-term strategy of recruiting and retaining high quality firms in established and emerging world markets is clearly working.

“This impressive increase in fee income is fantastic news and shows that Nexia’s presence around the world continues to grow providing even more opportunities for our members.”

As well as Nexia’s record global results, other mid-tier networks also reported record revenues. Grant Thornton achieved global revenues of $5.45bn, a growth of 9.4%, which was its highest rate of growth in six years.

BDO also saw double digit growth in 2018, with a year-on-year growth of 10.7% to $8.99bn, solidifying its position as the largest of the mid-tier firms.