Global accounting and consulting network RSM has continued its streak of double-digit growth in financial year 2022, lifting its global fee income by 15% to hit revenues of over $8 billion. The MENA region saw its revenues jump by 17%.
Hot on the heels of launching its new corporate strategy (‘2030 Global Strategy’), RSM has announced another year of record results. Across its footprint in 120+ countries, the accounting and consulting network geared at middle market businesses realised a total fee income of around $8.3 billion.
Notably, all geographic regions contributed to the windfall, with double-digit growth booked in North America, Latin America, Europe, the Middle East and North Africa, and Asia Pacific.
“Our rapid growth is the result of our professionals supporting clients worldwide to unlock value despite operating in an environment of unprecedented change and unpredictability,” said Jean Stephens, the Chief Executive Officer of RSM.
Commenting on the growth spurt in the Middle East and North Africa (MENA), Regional Leader Bassam Dahman said: “Our rapid growth in the region is the testimony of our high-quality support to businesses during a period of unprecedented change.”
“Key drivers of growth included high demand for audit and consulting due to high oil prices and economic diversification, a renewed appetite from foreign investors that lifted demand for M&A advisory services, growing focus on the ESG agenda, and a greater focus on topics such as corporate governance, cyber risk, tech-driven innovation, and digital transformation.”
Globally, the consulting business was the firm’s star performer, with revenues up by 37%. In MENA, RSM’s consulting division grew by 10%. The region’s audit division meanwhile enjoyed 22% growth, while fee income attributed to corporate finance and financial due diligence services jumped by 21%.
The risk advisory team added 28% to its fee income, while the forensic accounting group ended the year more than double its size twelve months previous, seeing income explode by 118% on the back of heightened demand for fraud and financial crime investigations.
The outlook
“We are entering a new and transformative business age, characterised by data-driven technological products and services, new approaches to working, and a clear focus on sustainability and purpose. Our new strategy will enable us to continue to empower our clients to achieve their ambitions,” said Stephens.
At the heart of this strategy is a massive ambition – to double the size of the business by 2030 – backed by a multi-year transformation programme. “Through our 2030 Global Strategy, RSM will make increasing use of global, digital delivery models, enhanced insight generation and wider use of automation, big data, machine learning and artificial intelligence to support businesses through change.”
Meanwhile, in the MENA region, the outlook for the coming period remains bright, as many economies within the region are set to buck the global recession and charge ahead in 2023. Economic diversification ambitions under Vision 2030 plans and government spending remain the largest drivers.
Dahman: “Business confidence in the region is certainly rising. Whilst the pandemic put many investment plans on ice, signals this year indicate that investors are accelerating them once again. M&A and other corporate transactions are on the rise as a result, with an increasing focus on corporate governance, which is driving demand for forensic accounting and audit services. And transformation agendas will drive consulting demand.”
