RSM UK revenue up 14%

Leading audit, tax and consulting firm RSM UK has unveiled a 14.3% (£60.9m) increase in UK revenues to a record £486.3m for its financial year ending 31 March 2023. The results following up last year’s 13% revenue increase.

RSM UK said this momentum continues its drive to become the first choice adviser to middle market leaders globally, and a credible alternative to the Big 4.

During the year the firm increased its total headcount by 13% (up from 4% in 2022) to 4,715 people (including 356 partners), increased its new trainee numbers by 24% to 818 (2022: 658), and maintained its promotion numbers for both partners and directors.

FY2023 also marked the year in which the firm completed a share buyback programme thereby enabling RSM UK to become wholly owned by the firm’s working partners.

The firm’s audit and assurance service line delivered another strong year, with an 20.1% increase in revenues to £137.1m. Tax advisory grew by 16.4% to £131.6m, and the consulting business turned over £217.6m in total (a 9.8% increase).

RSM UK’s CEO, Rob Donaldson (pictured), said: “We’ve achieved another impressive year of strong growth. Despite the economic challenges of the past year of which there have been many, we have kept investing in our business. I believe we have entered a virtuous circle – robust financial performance gives us the ability and confidence to invest in our future. In our fee-earners, our technology and in our critical core functions, we are putting more money back into the business to become an ever more formidable competitor.”