Record results as RSM looks to the future
RSM has a new name but the accountants and business advisory firm formerly known as Baker Tilly has stayed on its previous upward trajectory with another set of record results.
Its UK revenues increased 26% to £292m in the year to March, following a 47% increase a year earlier, as it continues to benefit from the acquisition of RSM Tenon in September 2013 and double-digit growth across all of its service lines.
Average profits per partner were also up, rising 10% to £362,000, as the partnership’s profits increased by 39% to £45m.
The firm rebranded as RSM in October, having previously announced it was to leave the Baker Tilly International network and become part of RSM International.
Laurence Longe, RSM’s UK managing partner, believes the big changes made have “laid the foundations” for the firm’s global ambitions.
He added: “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.”
RSM’s largest service line, tax and advisory, grew by 10% to £121m while audit and assurance increased by 15% to £76m.
The four lines which make up the remaining one-third of the business enjoyed stronger growth, with restructuring advisory up 69% to £44m, risk assurance up 86% to £22m, corporate finance up 29% to £22m and consulting nearly trebling to £8m.
Kevin O’Connor, regional managing partner for Yorkshire and the North East, said the firm “has had a very successful year across Yorkshire”. It now employs 250 people in Leeds and in the current financial year has added six partners, including three external hires.
RSM employs 3,400 people in the UK while its International network has a global workforce of 37,500 staff.
