• New global transparency measures and stricter compliance requirements surge regional tax revenues 
  • Cross-border initiatives with North America and strategic investment in services delivers tailored solutions for clients 
  • Strategic integration of Member Firms powers growth across the region

RSM, the leading provider of assurance, tax and consulting services to middle-market businesses, has today announced revenues of US$1.9bn in Europe for the 12 months to December 2024*.

The results mark a year-on-year growth of 8%, driven by increasing demand for compliance and assurance services amid evolving regulatory requirements. Tax revenue surged by 45% to US$562mn, as a result of new global transparency measures, such as DAC 6 and DAC 7, and the rising complexity of transfer pricing regulations.

The implementation of unified methodologies and systems across member firms has enhanced efficiency and enabled seamless service delivery for cross-border clients in Europe. Initiatives, such as the Transatlantic Growth Group, have strengthened collaboration between European member firms and their counterparts in North America, aligning with client trends towards nearshoring and cultural alignment.

RSM in Europe has made strategic investments in ESG consulting and assurance, IT security and technology-driven solutions. RSM Member Firms have also made significant investments in upskilling their people, including comprehensive training programmes to prepare for regulatory changes and emerging market demands to better service middle-market businesses.

Fee income for assurance services grew by 18% to US$697mn, reflecting heightened demand for audit and related services.

Gregor Schmidt, Regional Leader - Europe, at RSM International said: “This year’s results highlight RSM’s role as a trusted partner for middle-market businesses facing increasing regulatory complexity. The significant growth in our tax practice, now a $562m operation, underscores the strength of our expertise in helping businesses navigate compliance and mitigate risks.

“Our balanced service offering, spanning tax, assurance and consulting, ensures we can meet the diverse needs of our clients, delivering tailored solutions to support their success in an ever more economically challenging environment.”

This year saw RSM’s Member Firms complete seven acquisitions to power growth across Europe. In Austria, the merger with Moore Interaudit Salzburg positions RSM1 as the leading auditor for medium-sized and international owner-managed groups. Enhancing its foothold in Greater Copenhagen, Denmark, RSM2 acquired J H Revision, with combined billings of US$28 million.

In France3, RSM has expanded its reach in the Rhône-Alpes and Grand Est regions by acquiring Cifalex, Sadex and CAP 21 respectively. Lastly, RSM in Spain4 grew its national footprint by acquiring specialist law firm Lébeq.

E.J. Nedder, CEO of RSM International, said: “Our Member Firms’ recent acquisitions in Europe not only expand our footprint but also enhance our capabilities across important sectors. Taking our local, regional and global developments in 2024, RSM is reinforcing our position as the leading global provider of professional services to the middle market.”

A strong financial year in Europe adds to RSM’s global success, with the global organisation announcing worldwide revenues of US$10 billion for the 12 months to December 2024**.

The results amount to year-on-year growth of 6% and make RSM only the sixth global accounting network to exceed combined fees of $10 billion.

Global fee income for assurance services grew 15% to US$3.2bn, while RSM’s tax revenues rose by 11% to US$2.9bn, marking a second year in succession of double-digit growth. Global consulting revenue remained consistent with US$3.9bn, proving to be RSM’s strongest performing service line overall for a third year in a row.

E.J. Nedder, added: “The combined revenues recorded by our organisation are testament to the value our Member Firms bring to a core part of the global economy, and underpin the vision of RSM’s 2030 global strategy. Our seamless and specialist cross-border solutions enable both middle-market and internationally active businesses to navigate challenges and build upon opportunities with confidence.”

 

1. RSM Austria Holding Steuerberatung und Wirtschaftsprüfung GmbH
2. RSM Danmark Statsautoriseret Revisionspartnerselskab 
3. RSM France
4. RSM Spain Professional Corporation S.L.P.

*2023 regional fee income was US$1.8bn 
**2023 global fee income was US$9.4bn 
All figures and growth percentages use constant currency exchange rates.