By: RSM Cyprus
Global revenues increase by over 41% in 3 years | Double-digit growth across all RSM regions for a second consecutive year | 10% rise in headcount to 57,000 RSM professionals | Network targets 100% growth in revenue by 2030
RSM, the leading provider of assurance, tax and consulting services to middle market businesses, has today posted revenues of over $8 billion for 2022 and announced the launch of its 2030 Global Strategy focused on transformation, growth and creating positive, lasting value for all stakeholders.
In 2022, RSM delivered 15%* growth globally, with double-digit growth across all regions. Fee income rose fastest in the emerging markets of Latin America (26%+) and Asia Pacific (19%+). In North America and across Europe, RSM also recorded impressive revenue growth of 14% and 17%, respectively, while the Middle East and North Africa region grew revenue by 17% and the rest of Africa by 10%.
RSM in Cyprus recorded a 15% growth compared to 2021.
2022 results – growth greatest in demand for consulting services
As the leading provider of professional services to the global middle market, RSM has seen its worldwide fee income leap by 41.7%** in the last three years, driven by increased requests across all regions for client support to address shifting fiscal and economic policies, supply chain disruption and the business and human impacts of the pandemic.
In 2022, global fees from RSM’s consulting services grew by 37%, including IT consulting, which increased by 26%. As cyber-attacks remain a constant threat, global risk advisory revenues rose by 26%.
RSM also experienced strong global growth across accounting (11%), tax (8%) and audit (6%). Demand for tax advisory services rose at pace to meet the needs of regulatory changes and increased tax complexity, and audit and tax remain core service areas for RSM.
With a focus on creating an unrivalled, inclusive culture and employee experience, RSM continues to attract large numbers of new talent to join the organisation, with 18% growth in headcount in the last two years alone.
RSM in Cyprus grew its headcount by 18% from 2021 to 2022.
Jean Stephens, Chief Executive Officer of RSM International, said:
“At RSM, our purpose is to instill confidence in a world of change. Our rapid growth is the result of our professionals supporting clients in over 120 countries to unlock value despite operating in an environment of unprecedented change and unpredictability. To continue our growth and cement our position as the global leader in professional services to the middle market, we will invest in further transforming our business into an insight-driven, digital organisation with compelling products and solutions. Our aim is to ensure we are always creating positive and lasting value for our people, clients and communities by giving them the confidence to tackle the current trading environment and shifting global economic landscape.”
George Themistocleous, Managing Partner and CEO of RSM Cyprus, stated:
“Our experience showed us that the modern business era requires advisors who understand, think strategically, are up to date with market trends, and can act rapidly in response to the market’s changing needs. Looking ahead, we aim to gain a deeper understanding of our clients’ businesses, bringing them tailored ideas and insights to help them make confident decisions about their future towards maximising their potential. To keep progressing and supporting our clients to realise their business goals, we will continue investing in cutting-edge technology, expanding our service offerings, and emphasising our people development and talent acquisition. In addition, we will continue to support our community and provide our help in a profound way”.
RSM’s business and economic outlook for 2023
Looking at the year ahead, RSM expects demand for tax services to increase in 2023 as nations struggle to navigate the OECD’s growing requirements for more digitisation in tax reporting and a global minimum tax rate.
Similarly, RSM’s experts anticipate rising levels of M&A worldwide will remain strong next year. This will be driven by technology-focused businesses looking for alternative sources of funding to scale; private equity firms spending significant levels of dry-powder; and an increase in bolt-on and cross-border deals. RSM highlights that in some instances, businesses are looking to mergers or acquisitions to counteract the negative impact of the skills, supply chain, energy and inflation crises.
RSM predicts businesses will accelerate organisational change and prioritise innovation, considering ways to integrate artificial intelligence and automation technology, re-skill teams or leverage data analytics and business process outsourcing, to both protect and boost performance.
2030 Global Strategy marks new era for RSM
Launched this month, RSM’s 2030 Global Strategy outlines a major multi-year growth and transformation programme that targets 100% growth in revenue by 2030. Through the 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 embrace the new world of work and skills, and to support businesses through change.
RSM’s Strategy will further unite its firms under common international methodologies and structures that enable it to continue to drive service quality and promote responsible business practice whilst constantly enhancing agility and innovation. With an ever-increasing global client base of growth-orientated, internationally-minded companies, RSM remains focused on ensuring they receive exceptional client service, expert human insight powered by technology, and compelling, tailored solutions.
The Strategy will see significant investment in talent and transform RSM into a seamless global organisation, with teams, culture, governance and processes actively aligned across borders to empower both clients and RSM people to achieve their ambitions.
Jean Stephens commented:
“We have entered 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 growth has largely been driven by our ability to meet those challenges effectively. Our mantra as an organisation is to ‘Take Charge of Change’. By building deep, long-standing relationships and giving our clients and our people what they need to make confident decisions, we will help them to be more successful. As an organisation, our own accelerated transformation will ensure our growth continues at pace, instilling within all of our clients and colleagues a fundamental confidence to thrive.”
RSM is the leading provider of professional services to the middle market. As the sixth largest global network of independent assurance, tax and consulting firms, RSM operates in 120 countries, across 830 offices, with more than 57,000 people internationally. The Network’s global revenues are US $8 billion. As an integrated team, RSM shares skills, insight and resources, as well as a client-centric approach that’s based on a deep understanding of its clients’ businesses. This is how RSM fulfils its purpose to instill confidence in a world of change, empowering its clients and people to realise their full potential.
RSM Cyprus is part of RSM International, with offices in Limassol, Paphos and Nicosia. RSM Cyprus is among the leading professional services providers, offering a comprehensive range of audit, assurance, tax, and consulting services.
* Revenue growth percentage calculated using constant currency conversions
2019 global fee income: $5.739 billion
2022 global fee income $8.132 billion