Baker Tilly International recently reported its financial performance for the 12-months ending June 2011 with global combined revenues rising by 5% to US$3.2bn. The latest International Accounting Bulletin World Survey released in January 2012 showed results for FY 2011. Baker Tilly International have maintained their position as the world's 8th largest network by combined revenue, closing the gap on both 6th placed RSM International and 7th placed Grant Thornton International.
"We have delivered robust results in what is a difficult global environment" commented Geoff Barnes, CEO & President of Baker Tilly International. "Our combination of international scale, depth of local expertise and a commitment to client care is proving to be a compelling proposition.
"There is no doubt that our results accurately mirror the economic environment in which our clients are operating, reflecting a two tier recovery with different regions moving at different speeds. The combined revenues of our member firms in Asia Pacific leapt 40%, and in Latin America 24%, driven by strong regional growth, while the difficulties of the Eurozone and the sluggish US economy were reflected in the modest results in these regions.
"Drivers for this growth come from a number of areas, with our member firms continuing to invest in new offices to increase reach, expanding into new areas through mergers & acquisitions and grow non-audit service lines such as consultancy where we saw an increase of 21% last year.
"We are seeing some strong trends globally in the challenges that our clients face: for example privately held businesses tend to be more dependent on debt than equity, and therefore are finding access to credit more of a problem. Many are owner managed and, as their founders move closer to retirement, are facing a range of issues around succession planning. It is exactly areas like these where our clients are increasingly turning to our member firms for advice and guidance."