Home Estate Planning Baker Tilly International breaks through the $5bn barrier

Baker Tilly International breaks through the $5bn barrier

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Consultancy giant Baker Tilly International reported double-digit growth in revenue over 2023, with advisory being the fastest growing line.

The firm saw its global turnover jump 11 per cent to $5.2bn for the financial year ending 31 December 2023 with double-digit growth across all service lines.

Out of its major service lines, advisory was the fastest at 12.3 per cent, followed by tax at 12 per cent and assurance and accounting at 10 per cent.

While its smallest service line, legal services grew by 16 per cent in 2023.

The firm saw an increase across all regions, but Europe was the fastest-growing region at 17 per cent in US dollar terms. This was followed by Latin America (16 per cent), North America (11 per cent) and Asia-Pacific (3 per cent).

The firm highlighted the countries with more than 15 per cent growth which included Belgium, Channel Islands, Greece, Luxembourg, US and the UK.

Its UK arm MHA reported a fee income of £142m for year end 31 March 2023, up from £124m in 2022. MHA is the UK independent member firm of Baker Tilly International, which provides accounting, assurance, tax and specialist business advice.

While its other entity, law firm Freeths, posted a turnover of £129m for the year to 31 March 2023, up from £111.9m in 2022.

Globally, the firm’s headcount rose by 4.5 per cent to 43,000, of that, the firm had 3,380 partners.

Commenting on the results, Francesca Lagerberg, CEO of Baker Tilly International, said: “Double-digit, like-for-like revenue growth, with only a modest increase in headcount and in such a volatile market, is an incredible achievement and I am grateful for the hard work of all of our 43,000 people who made it possible.”

“Breaking through the $5bn barrier only four years after achieving $4bn in revenues demonstrates that this is a network with real ambition and drive.”

“We look forward to another successful year in 2024 with great expectations and confidence in our renewed strategy and purpose, as well as our broad multi-disciplinary offering across all our service lines. It promises to be an exciting next 12 months,” she added.

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