Baker Tilly global revenues rise 13% to record $4.66bn

Baker Tilly International has announced record revenues of $4.66bn (£3.88bn) reflecting growth of 13% at constant exchange rates, for the financial year ended 31 December 2022.

The professional services firm said the performance continues a “decade of consistent growth” which has seen the network grow by nearly 40% since 2017.

All regions of the network showed expansion with Latin America the fastest growing region at 23% followed by North America 16%, Asia-Pacific and EMEA both 10%. Combined revenues in North America exceeded $2bn (£1.67bn) and in Asia-Pacific $1bn (£833m) for the first time.

Globally, it revealed headcount rose by 4.5% to 41,324 with 3,239 partners worldwide. The proportion of female partners in the network increased to an all-time high by the end of 2022 at 23.5%.

Among the largest markets in 2022 with more than 15% organic growth were Argentina, Belgium, Canada, Poland, Saudi Arabia, Thailand, and Turkey.

Although all its service lines grew, tax was the “most impressive” with an expansion of 15% in US dollar terms driven by regulatory changes and “increasingly complex demands from local tax authorities”.

Over the last 12 months, Baker Tilly International has expanded its coverage by welcoming three new member firms into its network: Costa Rica, Guatemala and Saint Kitts and Nevis.

The group also saw “significant expansion” of a number of member firms via mergers and acquisitions in the United States, Spain, Italy, Malaysia, Switzerland, Egypt, UAE and Hong Kong.

Francesca Lagerberg, CEO of Baker Tilly International said: “Since taking up my role on June 1, 2022, I have been impressed by the strength and breadth of the firms that make up our network. Despite it being a year of unprecedented macropolitical and economic volatility, all of our regions and our services lines have grown in revenues and perhaps more importantly the scale of their ambitions.

“We have welcomed new firms to the network while existing members have made important strategic acquisitions while our new services focused on digital, legal and ESG have rapidly developed. These plans for expansion will continue. All of us look forward to another successful year in 2023 knowing that our blend of global reach and local understanding and our clear focus on offering clients a broad multi-disciplinary service will stand us in good stead.”