PKF International (PKFI) has reported a 7% increase in global revenues to $2.6bn in the year to 30 June 2011.
Revenue includes $640million from firms that are not full members but exclusive to the network.
PKFI chairman Wolfgang Hofmann said half of the network’s growth is down to M&A activity and the rest is organic.
PKF International had strong revenue growth in Latin America (41%), Africa (16%), Europe (16%) and Asia Pacific (23%).
North America, which contributes 52% of revenue, was down 1% on last year, as was the Middle East.
Hofmann told International Accounting Bulletin that one of the most important moves for the network in FY11 was the addition of Daxin, which is one of the largest firms in China.
Hoffman explained that growth in Latin America is mainly due to an addition in Mexico, where several former BDO partners and their business joined PKF.
PKFI’s audit revenue increased by 22%, however advisory services took a hit due to difficult economic conditions. Corporate recovery and insolvency services alone declined by 69%.
The tax business grew by 58% due to the network developing niche tax services.
Hoffman is optimistic growth will continue in the current fiscal as there are several M&A’s in the pipeline.