Praxity retains No.1 spot thanks to record combined global revenues
Praxity combined global revenues 2019 US$6.4 billion + 9.3%
Praxity has retained it's position as the world’s top association in the latest IAB rankings, thanks to record combined global revenues of US$6.38 billion for the year ended 31 December 2019 – an increase of 9.3% in real terms of 9.4% at constant exchange rates. Praxity member firms have now achieved 13 years of consecutive growth.
13th year of consecutive growth No.1 IAB association ranking once again
Growth in every region
Combined revenues of Praxity member firms increased in every region of the world last year, reinforcing the Alliance’s global presence. Strongest growth was in Latin America (including Mexico and the Caribbean), up 27.8% to US$75 million compared to the previous year. The US & Canada remains the region generating most income, with combined revenues rising by 13.1% to US$3.56 billion. There was also a significant increase of 9.2% in Asia Pacific (including Australia and New Zealand) to US$904 million.*Compared to last year
The U.S.A & Canada
Asia Pacific (Including Australia & New Zealand)
Praxity Chairman Gordon Krater says:
“I am delighted to report that, once again, Praxity member firms have achieved record combined global revenues, underlining the Alliance’s top position in the IAB world rankings. The majority of the rise is due to organic growth of member firms along with their key strategic mergers.
“This represents the 13th consecutive year of growth since Praxity was founded in 2007 which is a remarkable achievement given the pressures on the global economy. It demonstrates the Alliance’s collaborative approach to assurance, tax and consulting is a winning model.”
Growth in every service line
Praxity member firms achieved growth across all sectors, with sharp rises in advisory services, although audit remains by far the major service line at US$2.54 billion, up by an impressive 11.2% on the previous year. Tax remains the second largest service line, increasing by a healthy 9.3% to US$1.59 billion. Management consulting – now the third biggest service line for Praxity firms – grew by 12.9% to US$739 million.
Rising star in world rankings
As well as being the world’s top association, Praxity performed well against networks in 2019 – gaining significant ground on BDO and pulling further away from Grant Thornton. In terms of tax revenue, Praxity leapfrogged RSM* and BDO* into 5th place to become the best performer outside the big four in the IAB’s combined world ranking of networks and associations.
*Data excludes estimated amount for correspondent and equivalent member firms
IAB Association of the Year
The record-breaking revenues cap a highly successful year for Praxity, which was crowned IAB Association of the Year in 2019 for the fourth time in six years. The judging panel praised Praxity for the continued growth of the member firms within the Alliance and the ongoing collaboration between them.
Praxity Executive Director Graeme Gordon commented: “It is a testament to the hard work of the Praxity staff, and all the partners and staff within the Alliance.”
Praxity was also shortlisted again for Communication Campaign of the Year, which it won previously in 2018, acknowledging the consistent quality of its ongoing programme of member firm and client-focused support, and influential, thought-leading content.