RSM Cyprus revenue increases by 30%
08:41 - 24 January 2024
Professional service provider offering assurance, tax and consulting services RSM Cyprus has recorded growth of 30% in 2023 compared to 2022.
The highest growth in fees RSM recorded in Cyprus was a 42% increase in audit services.
RSM in Cyprus additionally grew its headcount by 15% from 2022 to 2023.
This adds to RSM's impressive combined regional growth in Europe, which grew by 36% compared to 2022 as a result of sustained development across member firms and the addition of RSM Ebner Stolz in Germany.
George Themistocleous, Managing Partner, CEO of RSM Cyprus, commented, "We are incredibly proud of our firm's results since there has been a double-digit increase in our revenues for the third consecutive year. This growth resulted from the hard work of our team's effort to support and provide solutions to our clients on what matters the most to them while assisting them in making confident decisions and reaching their goals.
Moreover, as a member firm of the RSM network, we pride ourselves on being able to provide seamless and high-quality services for national and international organisations by sharing our most senior professionals' best practices, expertise, ideas, and insights.
We will continue supporting our client's business operations every step of the way by collaborating closely with them. Our team will keep devoting a great deal of time, thought and energy to understanding our clients' organisational needs to provide personalised solutions that will help them think ahead and respond rapidly to the market's changing needs. Last but not least, as members of the community, we will persist in supporting initiatives that advance sustainable development as part of our corporate social responsibility program."
It comes as RSM announced worldwide revenues of US$9.4* billion for the 12 months to December 2023, a year-on-year growth of 16%.
Global fee income for accounting and audit services rose by 15% to US$3.6bn, while RSM's tax revenues jumped by 17% to US$2.6bn. Consulting revenue totalled US$3.1bn, representing a 16% increase in 2023.
Since the launch of RSM's 2030 Global Strategy at the start of 2023, over the past 12 months, RSM has established the critical building blocks for ongoing growth, transformation and change, focusing on four Strategic Drivers – People, Clients, Technology and Solutions. With a 13% increase in global headcount, RSM is dedicated to developing an unrivalled, inclusive culture and talent experience, believing investment in both people and technology to be critical to sustained growth and delivering rich, personalised client experiences. Global technology and digital investment increased four-fold over 2023 compared to 2022, over and above the significant technology investments being made by RSM member firms in all territories.
Jean Stephens, CEO of RSM International, said: "This year's financial results further cement our status as the leading global provider of professional services to the middle market. Powered by our 2030 Global Strategy - Taking Charge of Change – RSM has worked collaboratively as a global organisation more than ever before to innovate and better serve clients across borders.
"With an emphasis on the generation and sharing of insight, streamlining the efficiencies and effectiveness of service provision and building connectivity through an enhanced global digital infrastructure, RSM is focused on providing innovative and valuable human insights powered by technology."
The first key milestone of 2024 for RSM is the launch of its evolved global brand – with new visuals and re-energised messaging designed to be more representative of the breadth and depth of the organisation today and to better reflect RSM's purpose - to instil confidence in a world of change. Continuing to hero their people as the central pillar of their brand, RSM has introduced a new creative device taken from the DNA of its logo. Named the 'Pattern of Progress', the device reflects the journey of discovery RSM undertakes to build dynamic and compelling solutions to individual client needs. It symbolises forward movement and the attainment of future goals in an ever-changing complex world, reflecting RSM's focus on the issues that matter most to its clients and people.