Firm building on strong foundations
RSM profits rise 52% in Scotland
Audit, tax and consulting firm RSM today announced consolidated UK company profits grew by 52% to £19 million for the year to the end March, while group profits rose by 39% to £45m. The average group partner profit rose by 10% to £362,000.
The firm saw a 26% growth in UK annual revenues to £292 million.
Robert Ross (pictured), managing partner in Scotland, said: “The last twelve months have been successful for us in Scotland, highlighted by our entry into the Aberdeen market following our successful merger with Simpson Forsyth. We have also continued to attract new partners and directors in our Restructuring Advisory, Corporate Finance and Consulting practice, where we are seeing increased demand by new and existing clients.
“Our growth plans for the region are straightforward. We will continue to invest in and grow our own people, and complement this with further recruitment of individuals, specialist teams and quality firms. We continue to focus on sustainable, profitable, quality growth so as to ensure we can continue to strengthen our offering to clients in Scotland wherever they are growing, domestically, UK wide and internationally.”
Laurence Longe, 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.”
The results are the first to be published since the firm changed its name from Baker Tilly to RSM in October, 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.