HLB 2020 revenues soar 12%

HLB, the global network of independent advisory and accounting firms, has announced that it saw revenues rise 12% year-on-year to $3.28bn (£2.39bn) for FY 2020.

The group’s strongest growth occurred in Europe and North America, which saw a 33% increase in fee income when compared to 2019.

HLB’s global annual review showed that the network’s headcount also grew 12%, as it now operates across 159 countries with almost 33,000 partners worldwide.

Moreover, HLB undertook 23 acquisitions during the period, with 15 newly appointed firms also joining the network.

Marco Donzelli, CEO at HLB, said: “2020 was an unprecedented year, which makes me even prouder of the agility and resilience our firms have shown during this time. 

“Our continued adoption and investment in technology to change the way we work enabled us to respond rapidly to virtual working, while ensuring the business continuity of our clients.”

2020 also saw the group increase its advisory service offerings, with a 26% year-on-year rise to its advisory fee income.

HLB now ranks as a top 11 network, measured on global revenues and headcount, in the International Accounting Bulletin (IAB) world survey for the year ended December 2020.

Donzelli added: “While we enter 2021 in a strong position, and in light of the global vaccine rollout, we’re cautiously optimistic about the future. 

“Guided by our strategic vision, our focus remains the same and I am confident we will continue to move forward and achieve our 2023 objectives.”