Leading audit, tax and consulting firm RSM UK announces a 14.3% (£60.9m) increase in UK annual revenues to a record £486.3m for its financial year ending 31 March 2023.
The results mark consistent year-on-year growth following last year’s 13% revenue increase. This impressive momentum continues its drive to become first choice advisers to middle market leaders globally, and a credible alternative to the Big Four.
During the full financial year, the firm increased its total headcount by 13% (up from 4% in 2022) to 4,715 people (including 356 partners), increased its new trainee numbers by 24% to 818 (2022: 658) and maintained its promotion numbers for both partners and directors.
The record intake is part of the firm’s strategic ambition to strengthen the firm from within its own ranks.
2023 also marked the year in which the firm completed a share buyback programme thereby enabling RSM UK to become wholly owned by the firm’s working partners.
The opportunity now strengthens RSM’s ability to create long-term sustainable value and growth. It also returns the firm to the fundamental ethos of a professional services partnership, with the benefits of a corporate structure and fulfilling the promise that the Group leadership made when it assumed office in April 2020.
The firm’s Audit and assurance service line delivered another strong year within a heavily regulated environment with an 20.1% increase in revenues to £137.1m.
Tax advisory grew by 16.4% to £131.6m, a performance underpinned by team growth and a strong year from its corporate tax offerings.
Within the Consulting business which turned over £217.6m in total (a 9.8% increase), Risk assurance was the standout performer increasing its revenues by 20.2% to £43.5m.
Rob Donaldson, CEO for RSM UK said: ‘We’ve achieved another impressive year of strong growth. Despite the economic challenges of the past year of which there have been many, we have kept investing in our business. I believe we have entered a virtuous circle – robust financial performance gives us the ability and confidence to invest in our future. In our fee-earners, our technology and in our critical core functions, we are putting more money back into the business to become an ever more formidable competitor.
‘On behalf of the Board, we want to convey our sincere thanks to all those who contributed so fully to supporting our clients, and this fantastic business. The resilience our people have shown in recent years has been nothing short of remarkable. I continue to be inspired by our people’s tenacity and positivity. Their effort and dedication to helping RSM grow makes me confident for our future.’
In recognition of the firm’s societal responsibilities, RSM donated £0.7m to charities throughout the UK; provided nearly 7,000 volunteering hours having launched its first formal volunteering scheme; joined the United Nations Global Compact, the world’s largest sustainability initiative; and received a bronze award by EcoVadis, the sustainability assessment rating agency at its first attempt.