- Member Firms across the Association of South East Asia Nations (ASEAN) saw 12% growth
- RSM in Asia Pacific’s market position strengthened amid impressive accounting and assurance services growth
- Results announced as RSM’s global brand re-energised to better support RSM’s strategic direction
RSM, the leading provider of assurance, tax and consulting services to middle-market businesses, has today announced revenues across Asia Pacific of US$1.1bn, with year-on-year growth of 8% for 2023.
The growth comes as middle-market businesses look to overcome geopolitical uncertainty and trade tensions in the region. RSM has seen demand for both accounting and audit services increase by 15%.
RSM has experienced strong growth in the ASEAN bloc during the last 12 months for the third consecutive year. Its seven ASEAN member firms saw revenues grow by an average of 12%, with double-digit growth in Cambodia, Singapore, Vietnam and the Philippines.
The ASEAN region is characterised by the pace of technological change and recently signed the world’s first regionwide legally binding instrument on the digital economy, which is expected to add up to US$ 2 trillion to ASEAN’s digital economy by 2030.
RSM’s foothold in Japan has been a major source of growth for RSM in Asia Pacific. Its new member firm, RSM Shiodome Partners, celebrates its first full year within the global organisation with 12% growth in the last 12 months.
Stephen Darley, Regional Leader for Asia Pacific at RSM, said: “Geopolitical tensions have seeded slight uncertainty in some of the major economies in Asia Pacific, and in the past year we have seen these economies work to mitigate these impacts.
“Asia Pacific has always been an incredibly resilient region where businesses take an entrepreneurial approach to securing growth, even in challenging circumstances. RSM and the business leaders we support across the middle-market have very much embodied that approach through the past financial year.
“These latest results reflect consolidated growth for RSM in Asia Pacific as our people strengthen relationships with ambitious, high-growth businesses in the middle-market.
“We are also seeing growth in areas of specialist expertise such as cyber security and ESG, where our professionals in the region are working closely together to deliver a market leading approach for our clients. Navigating complex regulatory challenges will increase in importance in the year ahead, as international regulations such as the IFRS non-financial reporting standards and Pillar Two of the Global Minimum Tax come into force.”
It comes as RSM has 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 on 2022.
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.
Among the technological developments underway, January 2024 will see the launch of RSM Luca, the organisation’s digital audit ecosystem, integrating sophisticated technologies and efficient processes to better enable agile, insight-driven, tech-forward audits tailored to client’s unique business environments.
RSM is also committed to significant additional investment over the year in sustainability frameworks and initiatives, and the evolution of independence systems and inspections procedures to ensure quality and responsible business practices remain central to RSM’s service provision across all areas.
Jean Stephens added: "Over 2024, we will undertake a vast number of transformative projects as we continue to harness our global strength and build maximum relevance with our key stakeholders. These financial results support our solid foundation for even greater future growth, ensuring RSM goes from strength to strength as we move forward with confidence, commitment, and energy.”