RSM global revenue leaps 16% to record US$9.4bn
- Double-digit growth in five RSM regions for third successive year
- RSM headcount worldwide increases by 13% to 64,000
- RSM’s global brand re-energised to better support RSM’s strategic direction
- Global tech and digital investment increased four-fold.
RSM, the leading provider of assurance, tax and consulting services to middle-market businesses, has today announced worldwide revenues of US$9.4* billion for the 12 months to December 2023, a year-on-year growth of 16%**.
Global fee income for accounting and audit services rose by 15% to US$3.6bn, while RSM’s tax revenues jumped by 17% to US$2.6bn. Consulting revenue totalled US$3.1bn, representing a 16% increase on 2022.
All regions showed impressive growth. Europe grew by 36% compared to 2022 as a result of sustained development across member firms and the addition of RSM Ebner Stolz in Germany. North America, RSM’s largest region by revenue, saw an impressive 13% rise in fee income for the latest financial year, powered by significant growth in both tax and consulting services, particularly in relation to IT and ESG consulting. A strategic merger in South Africa in July 2023 coupled with overall progress across the region contributed to a 29% leap in revenue from Africa over the period. Exceptional growth was also recorded for both the MENA region, with a 30% increase on 2022, and Latin America, with an increase of 18%. Representing more than US$1bn in fee income, the Asia Pacific region grew by a strong 8%.
Since the launch of RSM’s 2030 Global Strategy at the start of 2023, over the past 12 months RSM has established the critical building blocks for ongoing growth, transformation and change, focusing on four Strategic Drivers – People, Clients, Technology and Solutions. With a 13% increase in global headcount, RSM is dedicated to developing an unrivalled, inclusive culture and talent experience, believing investment in both people and technology to be critical to sustained growth and delivering rich, personalised client experiences. Global tech and digital investment increased four-fold over 2023 compared to 2022, over and above the significant technology investments being made by RSM member firms in all territories.
Jean Stephens, CEO of RSM International, said: “This year’s financial results further cement our status as the leading global provider of professional services to the middle market. Powered by our 2030 Global Strategy - Taking Charge of Change – RSM has worked collaboratively as a global organisation more than ever before to innovate and better serve clients across borders.
“With an emphasis on the generation and sharing of insight, streamlining the efficiencies and effectiveness of service provision and building connectivity through an enhanced global digital infrastructure, RSM is focused on providing innovative and valuable human insights powered by technology.”
The first key milestone of 2024 for RSM is the launch of its evolved global brand – with new visuals and re-energised messaging designed to be more representative of the breadth and depth of the organisation today and to better reflect RSM’s purpose - to instil confidence in a world of change. Continuing to hero their people as the central pillar of their brand, RSM has introduced a new creative device taken from the DNA of its logo. Named the ‘Pattern of Progress’, the device reflects the journey of discovery RSM undertakes to build dynamic and compelling solutions to individual client needs. It symbolises forward movement and the attainment of future goals in an ever-changing complex world, reflecting RSM’s focus on the issues that matter most to its clients and people.
Among the technological developments underway, January 2024 will see the launch of RSM Luca, the organisation’s digital audit ecosystem, integrating sophisticated technologies and efficient processes to better enable agile, insight-driven, tech-forward audits tailored to client’s unique business environments.
RSM is also committed to significant additional investment over the year in sustainability frameworks and initiatives, and the evolution of independence systems and inspections procedures to ensure quality and responsible business practices remain central to RSM’s service provision across all areas.
Jean Stephens added: "Over 2024, we will undertake a vast number of transformative projects as we continue to harness our global strength and build maximum relevance with our key stakeholders. These financial results support our solid foundation for even greater future growth, ensuring RSM goes from strength to strength as we move forward with confidence, commitment, and energy.”