Raymond Doherty 30 Jan 2017 01:01pm

Praxity global revenues increase by 7.8%

International accountancy alliance Praxity has announced an increase in the overall revenue from its member firms for the tenth year in a row

It has posted revenues for the financial year of $4.75bn (£3.79bn), which represents an increase of 7.8% compared to last year.

Praxity said that strong growth in its advisory services (up nearly 19% to £758m), tax (up 9.4% to £960m) and the Asia Pacific (up almost 18% to £412m) region contributed to the revenue increase.

The group saw growth across most regions and service lines. It’s largest line, audit and assurance, increased by 5.9% to £1.48bn. Accountancy services, however, fell 0.6%.

There was significant growth in the US & Canada, up 9.4% to £2.15bn, while revenues from Europe grew 2.3% to £1.04bn. Latin America was the only region which lost ground, with a fall of 13.8% to £42m.

Praxity firms’ head count also increased by 7%, which now employ 41,783 professionals in 103 countries and the number of partners rose 5.0% to 3,451.