Baker Tilly International Reports Revenue Growth of 3% to US$3.3bn
Baker Tilly International today reported annual revenues of US$3.3bn for the financial year ending 30 June 2012, a year-on-year increase of 3%.
"This is a strong performance in what remains an uncertain trading environment in many markets, and continues our impressive track record of growth over our 25 years of operations," said Geoff Barnes, CEO and President of Baker Tilly International. "The results were affected by a number of factors including improvement in some mature markets, as well as in a range of developing economies.
"Despite on-going uncertainty and volatility in some markets, especially within the Eurozone, Europe performed well in 2012 with growth across a spread of countries. This contributed to a combined increase of 8% for EMEA.
"In 2012 - as in 2011 - emerging markets were the story. Asia Pacific led the way, reporting a 30% rise in revenues," said Barnes. "Baker Tilly China was the stand-out performer, in part due to a large increase in the provision of audit-related services in response to the expansion of the Chinese capital markets.
"In Latin America, revenues rose 14% as our member firms responded to a surge in demand for a range of services from both ambitious domestic businesses and international companies looking for opportunities across the region.
"However, we are also excited by the potential in Africa, and continued development in the Middle East. We have welcomed five new members firms to the network last year from these areas. Increased investment - particularly in Africa - is very much on our agenda. We are continually assessing the changes that are occurring in the marketplace to ensure that we have the necessary resources and capabilities in locations that are of strategic importance to the future of our clients.
"We have an ambitious strategy to continue to grow and strengthen our operations across the continent, which is seeing increased activity by multinational businesses looking to capitalise on its enormous potential especially in sectors including the extractive industries, telecommunications and consumer products. They are looking for first class advice and help on the ground, and we are keen to meet that need."
Asia Pacific US$0.64bn (+30%)
Latin America US$0.07bn (+14%)
Europe, Middle East & Africa US$1.22bn (+8%)
North America US$1.39bn (-10%)
Service line breakdown:
Audit US$1.24bn (+8%)
Accountancy US$0.53bn (+4%)
Taxation US$0.87bn (+2%)
Consultancy US$0.68bn (-4%)