Last Updated on Tuesday, 2 February, 2021 at 9:12 am by Andre Camilleri
RSM has announced a revenue growth of 9.2% for 2020 thanks to an agile response to a challenging year. This following the growth of global revenues to $6.3 billion and team members to 48,000 people across 120 countries, including Malta.
RSM is a worldwide network of independent professional services firms, providing audit, tax, and specialist advisory services to ambitious growing organisations around the globe. Malta has its very own Member Firm, RSM Malta, which was founded in 2005. Operating from its own office building in Ħaż-Żebbuġ with a workforce of over 200 people, RSM Malta has also been a contributor to the growth of the worldwide network.
The demand for management and business consulting, IT consulting and risk management saw RSM register a 15% increase in consulting services. Additionally, the organisation saw a 10% increase in audit revenue thanks to a significant number of audit client wins in 2019.
Recording a 6% increase in global tax revenue, predominantly driven by its business advisory services, RSM’s tax team rapidly mobilised to help clients address heightened complexity in an ever-changing legislative landscape caused by the COVID-19 pandemic and subsequent business crisis.
“Internationally RSM saw an increased demand for advice regarding the application of government stimulus packages. Towards the end of the year, it then saw several businesses seek advice in relation to the restructuring and transaction support as they looked for recovery solutions following the turbulent year. RSM Malta is committed to assisting as many businesses as possible make it out of this pandemic. In line with our counterparts, we are in fact supporting firms via programmes, such as the Business Re-Engineering and Digital Transformation. These are targeted to many local businesses that have faced some hardships over the past months, and we are very much looking forward to working with Corporate and SMEs in realigning their business activity to reflect the new realities, embrace the strong current of change and transform their operating model” said George Gregory, Managing Partner of RSM Malta.
During 2020, new member firms were appointed in Denmark, Chile, Paraguay, Zambia and Kazakhstan. Additionally, RSM saw the opening of 12 new offices with the global team reaching 48,000 staff members.
“It has been humbling to see the sense of community demonstrated by our Member Firms and teams over the course of this year and I am enormously proud of how we have supported clients during this extraordinary time. We enter 2021 in a strong position. That said, we are highly cognisant of the fact that, in common with businesses across the globe, there will be material impacts on our Member Firms, clients and communities due to the lasting and ongoing effects of the pandemic. Amidst the uncertainty and many challenges presented by the pandemic, we have seized the opportunity to reflect, and reimagine how we collaborate, harness the right technology, stay connected and intentionally shape our future,” said Jean Stephens, RSM’s Global Chief Executive Officer.
