- global revenues for 2017 up 9.5% to US$5.20 billion
- sharp growth in Audit and Assurance services – up more than 12%
- Asia Pacific region enjoys accelerating growth – up nearly 37%
- Latin America region reverses recent declines with impressive 16% growth
- notable 25% surge in revenue from Other services
Combined global revenues of Praxity participant firms hit a record high of US$5.20 billion for the year ended 31 December 2017, representing a year-on-year increase of 9.5% in real terms, and 8.7%at constant exchange rates.
The combined income of participants in the IAB’s ‘Association of the Year’has now grown for 11consecutive years, reflecting the continued strength of the 65+ expertise-sharing firms in more than 100 countries. This further cementsPraxity’sposition as the world’s largest alliance of independent accounting and consulting firms.
“This is a great way to kick off our second decade” said Hilton Saven, Praxity’s Chairman, reflecting on what’s been accomplished and how the strength of the Alliance and activities of participant firms continues to elevate its global offering.
“This record-breaking performance is testament to more than 47,000 worldwide experts and support staff at participant firms. The continued success of the Alliance demonstrates their commitment to sharing expertise across international borders and delivering world-class service at a local level.”
For Executive Director Græme Gordon this is not the end of the story. “We’re delighted with the result of our collective endeavours over the past 11 years. But our real focus remains on making a world of difference for our firms’ clients. We will continue developing our platform for participant firms to connect and share international expertise, seamlessly and cost-effectively – embracing our distinctive resources and championing our firms’ independence to help us keep fit for purpose. Here’s to the next ten years!”
Growth at a glance
- 47,609 people in 100+ countries (up 14%)
- Audit & Assurance US$2,091 million (up 12.2%)
- Accountancy US$585 million (up8.3%)
- Tax Services US$1,271 million (up 4.9%)
- Advisory US$1,023 million (up 7.8%)
- Other US$230 million (up 25.2%)
- US & Canada US$2,855 million (up 5.3%)
- Latin America* US$62 million (up 15.9%)
- Asia Pacific** US$706 million (up 36.7%)
- Europe US$1,435 million (up 7.7%)
- Africa US$91 million (up 10.5%)
- Middle East US$51 million (down 1.2%)
*including Mexico & Caribbean
**including Australia & New Zealand
The biggest growth in revenues was in audit and assurance services, up more than 12% to nearly US$2.1 billion. Audit and assurance remains the main revenue stream for the Praxity Alliance.
There was impressive growth in revenues from ‘other services’ – an increase of more than 25% to US$230million reflects the growing depth and diversity of services being provided to clients increasingly interested in the opportunities of globalisation.
The Asia Pacific region continues to grow consistently with a near 37% increase to US$706 million. There was growth in Africa region, up more than 10% to US$91 million, while revenues from Europe grew 7.7% to US$1.4 billion and US and Canada more than 5% to US$2.9 billion.
Praxity participant firms now employ 47,609 people in 103 countries, an increase of nearly 14%. The number of partners rose 6.7% to 3,682.
Praxity Global Alliance was once again named ‘The Association of the Year’ at The Accountant & International Accounting Bulletin Conference and Awards (2017), an accolade it has won in three of the last four years. It was named Rising Star Association in 2013.
Judges once again praised the Alliance for its “outstanding progress, support and knowledge sharing on a global level”. Hilton Saven considers this “a timely celebration of the Alliance’s consistent growth and development since its foundation in 2007, reaffirming its position as the No. 1 alliance for independent accounting and consulting firms!”
Services are delivered by Praxity’s independent member ‘participant’ firms. The Alliance is unashamedly selective in the firms it welcomes, each of which retains their own branding, independence and financial responsibility. Praxity is a not-for-profit entity covering all international jurisdictions, is not a ‘network’ and does not practice public accountancy or provide audit, tax, consulting or other professional services itself.
Praxity participating firms are handpicked for their size, strength, reputation, financial condition, leadership and strategic geographic relevance. All are successful firms in their own right, highly-rated by peers and share the same service ethos and international collaborative spirit.
Alliance firms build capacity and capability through accessing established specialist Praxity working groups, using an online cloud-based collaboration platform, thought-leading communication forums, regular regional and global conferences and retaining and developing their best employees through international secondments.
Praxity welcomed five new firms this year, expanding its global reach and the depth of specialist services that can be provided collaboratively and seamlessly across the globe:
- Fučík&partneři– Czech Republic
- Hansem-Holm & Co – Ecuador
- PRIME Audit & Consulting – Azerbaijan
- Rabel& Partner – Austria
- Nangia& Co – India