PrimeGlobal sees 10% growth in revenue across member firms
PrimeGlobal, an international association of independent accounting firms, reported 10 percent growth Tuesday in aggregate revenue of its member firms, reaching a total of nearly $3 billion for the fiscal year ending May 31, 2020.
PrimeGlobal said its members experienced growth in all service lines, with the biggest percentage increase globally for tax services at 4.5 percent, followed by advisory services, which increased $76 million. The other service lines — accounting, audit and assurance — also grew during fiscal 2019-2020. On a regional basis, revenue in North America grew at the fastest pace at over 14 percent, followed by Europe, the Middle East and Africa region at 6 percent.
The association also increased its footprint in the past year, growing from 85 to 90 countries, with coverage across 852 locations. Over the same time period, PrimeGlobal firm staff grew 7 percent to more than 24,000.
“Undoubtedly, PrimeGlobal’s culture, diversity and reach is more attractive than ever,” said PrimeGlobal CEO Steve Heathcote (pictured) in a statement Tuesday. “I am proud of this, as it means we can help our firms think differently and ensure they have access to the best opportunities and practices. In a world that is becoming increasingly uncertain, the connections which enable member firms to support their clients during times of constant change are more important than ever before. As disruption and transformation shape business and society today, PrimeGlobal is here to help members meet that challenge by building sustainable practices and ensure they emerge from the crisis ready to help clients build for the future.”
PrimeGlobal has been working to globally coordinate its technology, business opportunities and talent development initiatives this year under the rubric, PrimeGlobal Insights. It will serve as a global resource and innovation hub for driving change and identifying opportunities for member firms.
“Through PrimeGlobal Insights member firms have gained the opportunity to explore, learn and develop their understanding on key industry trends,” Heathcote added. “By sharing best practices and thought leadership, PrimeGlobal member firms have yet again proven themselves to be ahead of the curve and ready to face new challenges.”