RSM grows UK revenues by 9% to £319 million
RSM has increased its revenues by 9%, hitting £319 million by the end of 2017. The firm’s income for Consulting, Human Resource and Legal Services jumped 46.6% to almost £16 million, while tax and advisory increased by 8.6% to £138 million.
Global mid-market professional services network RSM has 35 offices across the UK. Late last year, the firm witnessed its presence in the country expand significantly in recent years, through the acquisition of Northern Irish counterpart RSM McClure Watters as well as wider organic and inorganic growth.
The firm has since recorded another solid year of growth, with revenues increasing by 9% to £319 million, on last financial year, ending 31 March 2017. Growth was led by its Consulting, Human Resource and Legal Services, which saw revenue jump up by 46.6% to near the £16 million mark. Risk assurance, meanwhile saw an increase of 14.6%, to £25 million. Tax and advisory, the firm’s largest practice, saw a more modest increase of 8.6% to £138 million.
The firm’s restructuring advisory service arm also saw a solid 9.6% increase to £39 million, while audit and assurance grew by a more modest 4.8% to £77 million. The firm’s corporate finance practice saw a 1% increase to £24 million. RSM’s consolidated UK company profits meanwhile surged by 16% to £5 million, while profits of RSM UK Group were up 15% to £49 million.
The professional services firm’s growth has been boosted by a solid year for the mid-market segment across the UK. The segment, which represents 0.6% of the UK business population generated around 15% of total UK business turnover. The segment has, since 2000, seen its number increase by 26%.
The company also boosted the UK’s employment rates, which hit a 40 year high, as RSM saw staffing numbers increase by 4% to close to 3,500 employees – with remunerations for partners and staff increasing by 11% to £202 million. The firm further offer dividends to active and retired staff and partners to the tune of £3 million – a 4% increase on the year previous.
Commenting on the figures, Laurence Longe, RSM’s Chief Executive Officer said, “This year’s excellent financial results very clearly show the commercial benefit of the major investment that has been made in first reshaping and then rebranding the firm following the absorption of the former Tenon business in 2013. Significant underlying organic growth in multiple revenue streams in 2017 is now making its contribution to RSM achieving its long term strategic objective of becoming the first-choice adviser to middle market leaders, globally.”