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RSM UK has announced that its annual revenue has risen nearly 12% to a record £543m for the year ended 31 March 2024.
The company grew its total partner profits by 7% to £160m with profits per equity partner £708,000 on average, up from £661,000 in the prior year.
The company stated that this increase was fuelled by a major investment in its people and increased productivity.
The firm’s audit and assurance service line saw a 20% increase in revenues to £165.2m.
Alongside this, its tax services grew by 11% from £145.3m the prior year to £161.3m this year.
During the full financial year, RSM UK increased its total headcount by 15%, up from 13% in 2023 and 4% in 2022, to 5,420 people.
Furthermore, the year saw the successful completion of a major share buyback enabling RSM UK to become wholly owned by the firm’s working partners.
Rob Donaldson, CEO for RSM UK, said: “This year marked our strongest financial year yet – a remarkable milestone having achieved it against a backdrop of virtually no economic growth in the UK. Our progress, and the momentum gained from our consistent year-on-year performance, continues to drive confidence and with that the commitment to reinvest in this business, and our future.
“The nature of our growth and how we’re achieving it is key – this isn’t just about numbers. We’ve been laying the groundwork for long-term success by evolving our ownership and organisational structure, and by putting more money back into the business than ever before. We’ve invested heavily in technology solutions, market leading insight, our workspaces and in our people and core functions.”
He added: “Our decisions to invest in those areas, we believe, will create greater opportunity for the next generation of partners and wider talent. It will also set us on our path to be known as the smart people to know, and the go-to firm for middle market leaders globally.
“On behalf of the board, I want to convey sincere thanks to all those who contributed so fully to supporting our clients, and this fantastic business. Their effort and dedication to helping RSM UK grow makes me extremely proud and confident for our future.”
