Praxity Global Alliance has revealed it has achieved record combined global revenues of US$6.96bn (£5bn) for the year ended 31 December 2020 – an increase of 9.1%.
The association said the increase continues a sequence of 14 years of consecutive “record-breaking revenues”.
It revealed revenues of member firms in the USA and Canada region rose 7.2% to US$3.86bn (£2.78bn) in 2020, with revenues in Europe up 10.7% to US$1.82bn (£1.3bn)
In its Asia Pacific region, revenue grew 13.8% to US$1.03bn (£741m).
It added there was “impressive growth” in accounting, up 48% to US$1.08bn (£1.2bn). However, it said that audit remains the largest service line, up 3.6% on the previous year to US$2.63bn (£1.89bn) with the firm adding it also experienced “significant increase” in tax revenues, rising 12.3% to US$1.7bn (£1.2bn).
Praxity chairman, Gordon Krater, said: “I am delighted and hugely proud that the Alliance has reached another milestone of posting its highest ever combined global revenues despite the adverse effects of the Covid-19 pandemic on accounting firms and their clients.
“Praxity’s strong and stable position is testament to the way in which our member firms support each other and support their clients to overcome business challenges and local and global disruption.”
Graeme Gordon, Praxity’s CEO, added: “In 2020, Praxity member firms not only achieved record combined revenues during a challenging period but this growth was mainly organic. Staffing levels increased by only 4% and there was very little change in partners, both of which suggest better use of resources and internal, organic growth rather than through mergers and acquisitions, or through the addition of new members to the Alliance.”
The association provides a platform for accounting professionals to connect and exchange expertise in 111 countries. Professionals in Praxity member firms work in multidisciplinary teams, often across multiple jurisdictions.