Crowe Horwath International said that total global gross revenues of its member firms grew to US$3.5 billion for calendar year 2015.
Revenues of Crowe Horwath member firms grew 8 percent measured in local currency terms, or 2 percent when measured in U.S. dollars. This marks the network's fifth year of consecutive growth despite continued volatility in foreign currency exchange rates and unstable economic conditions.
Assurance services accounted for 45 percent (US$1.6B) of total revenues, while tax services accounted for 24 percent (US$853M) and advisory service 31 percent (US$1.1B). Crowe Horwath has also continued to invest in nontraditional services such as global risk management and sustainability services.
Crowe Horwath International has more than 200 independent accounting and advisory services firms in over 120 countries.
Member firms experienced the greatest growth in Latin America (22 percent), the Middle East and Africa (17 percent) and the Asia Pacific region (7 percent). North America grew by 3 percent, while Europe was significantly affected by the strengthening of the U.S. dollar against the euro and experienced a 6 percent decline.
Crowe Horwath continued to expand its geographic footprint, building scale across key markets. Nine new member firms were acquired last year in growth markets such as Brazil, Germany and West Africa. As of 31 December, 2015, Crowe Horwath provides services in 128 countries—up from 125 in 2014. Correspondingly, global work force numbers climbed 7 percent to 33,207 people worldwide, which included an addition of more than 150 new partners across all member firms.
"Although we are operating in a very difficult global economic environment, I'm pleased with the sustained growth we've been able to achieve as a network,” said Crowe Horwath International CEO Kevin McGrath in a statement. “We continue to benefit by adding scale and bringing onboard member firms and business associates in key economic centers that are dedicated to quality and client service excellence. I also want to commend and thank our more than 33,000 people for all their hard work. None of what we've achieved would be possible without them.”
