PKF International reports 7% growth in 2011
04 Jan 2012
PKF International Limited (PKFI), the tenth largest global
network in 2011, has reported a 7% growth in member firm fees from
$2.449 billion in 2010 to $2.621 billion for the financial year to
30 June 2011.
The Latin America region reported the highest percentage growth of
41%, followed by the Asia Pacific region (up 23%), Europe and
Africa (both up 16%). Member firm revenue in North America, the
largest region in the PKF International network, stabilised in 2011
following the exceptional 30% growth in this region in 2010.
Tax revenues for member firms surged by 58% to $734 million while
audit & accountancy revenues also grew strongly by 22% to
$1.284 billion. Revenue from management consulting services
fell by 29% to $262 million. Corporate recovery fees, which
represent 2% of total fee income, fell 69% to $52.4 million.
Commenting on the figures, Wolfgang Hofmann, PKF International
Chairman, said: "Given the backdrop of financial turmoil in the
Eurozone and continuing low growth in the USA, it is very
encouraging that there are such strong pockets of growth throughout
the PKF International network. Not surprisingly, PKFI's fastest
growth regions of Latin America and Asia Pacific reflect the shift
of economic power to the BRIC countries. As we have significantly
increased PKFI's representation in these regions over the last 12
months, as well as recruiting a number of strong new firms in
Europe in recent months, we are confident of sustaining our growth
over the next financial year and beyond."
About PKF International Limited
PKF International Limited (PKFI) administers the PKF network of
legally independent member firms. There are over 245 member firms
and correspondents in 440 locations in around 125 countries
providing accounting and business advisory services. PKFI member
firms employ more than 2,200 partners and around 21,400
PKFI is the 10th largest global accountancy network and its member
firms have $2.6 billion aggregate fee income (year end June 2011).
The network is a member of the Forum of Firms, an organisation
dedicated to consistent and high quality standards of financial
reporting and auditing practices worldwide.
The PKFI network of legally independent firms does not accept any
responsibility or liability for the actions or inactions on the
part of any individual member firm or firms.
For further information about PKF International or its member
firms, please visit www.pkf.com or contact
Christiane Morris, Marketing Manager, at firstname.lastname@example.org