RSM International reported global revenue Tuesday of $9.4 billion for calendar year 2023 across the firms in its network, up 16% from 2022.
Global fee income for accounting and audit services increased 15% to $3.6 billion, while RSM's tax revenues jumped 17% to $2.6 billion. Consulting revenue reached $3.1 billion, a 16% increase over 2022.
The network reported strong growth across all regions, with fee income rising the fastest in Europe and the Middle East and North Africa region.
Europe grew by 36% compared to 2022, thanks to the addition of RSM Ebner Stolz in Germany and organic growth. North America, RSM's largest region by revenue, experienced a 13% boost in fee income due to significant growth in both tax and consulting services, particularly in relation to IT and ESG consulting.
A merger in South Africa last July along with overall progress across the region contributed to a 29% leap in revenue from Africa over the period. RSM also saw a 30% increase in 2022 in the Middle East and North Africa region, and an 18% increase in Latin America. The Asia Pacific region grew 8% to over $1 billion in fee income.
RSM launched a "2030 Global Strategy" at the beginning of 2023 and saw a 13% increase in global headcount this past year. Global technology and digital investment quadrupled over 2023 compared to 2022, over and above the significant technology investments being made by RSM member firms in all territories.
"This year's financial results further cement our status as the leading global provider of professional services to the middle market," said RSM International CEO Jean Stephens in a statement Tuesday. "Powered by our 2030 Global Strategy — 'Taking Charge of Change' — RSM has worked collaboratively as a global organization 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."
This month, the network will launch RSM Luca, a digital auditing system tailored to client's business environments. RSM also plans to invest more in sustainability frameworks and initiatives, along with independence systems and inspections procedures.
"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," Stephens stated. "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."
