Audit, tax and consulting firm RSM, which has its North East offices in Newcastle, today announced a 26 per cent growth in UK annual revenues to £292m for its 2015 financial year ending 31 March.
Consolidated UK company profits grew by 52 per cent to £19m, while profits of RSM UK Group LLP rose by 39 per cent to £45m. In addition, the average Group LLP partner (member) profit rose by 10 per cent to £362,000.
The results are the first to be published since the firm changes its name from Baker Tilly to RSM in October 2015, uniting it under a single common brand with RSM audit, tax and consulting firms around the world.
The figures also reflect a full year’s contribution to revenues and profits of the former Tenon business acquired in September 2013.
All service lines showed double-digit growth:
- Tax and advisory grew by 10 per cent to £121m
- Audit and assurance grew by 15 per cent to £76m
- Restructuring advisory grew by 69 per cent to £44m
- Risk assurance grew by 86 per cent to £22m
- Corporate finance grew by 29 per cent to £21m
- Consulting – currently the firm’s fastest growing service line – grew by 195 per cent to £8m.
Steve Railton, office managing partner for RSM in the North East, said: ‘RSM has had a very successful year and our North East office has played an important role in contributing to the firm’s record financial results. Over the year we have continued to invest in our people at all levels to ensure that we provide a high quality service to our local clients. Following our recent adoption of the global RSM brand, our strategy for the coming year is to further strengthen our offering to mid-market firms and to continue to recruit the very best people to ensure we become the adviser of choice for local business owners.’
Laurence Longe, RSM’s UK managing partner, said ‘This year’s record financial results for the firm show not only the full impact of the absorption of the former Tenon business, but also reflect underlying organic growth in multiple revenue streams following the successful completion of the strategic restructuring of the firm.
‘The major structural developments of the last two years, along with the recent highly successful launch of our new global brand have laid the foundations for RSM to truly become the first-choice adviser to middle market leaders, globally.’
