RSM in Cyprus' revenue jumps 7.9%

RSM in Cyprus, which is among the leading providers of assurance, tax and consulting services, recorded revenues with a growth of 7.9% in 2024 compared to 2023.

RSM's highest growth in fees recorded in Cyprus was a 19.3% increase in tax services, followed by 7.1% in audit and assurance services.

This adds to RSM's impressive combined regional growth with seven acquisitions across Europe, coupled with growing demand for services in the region, which have contributed to an 8% increase across all service lines.

George Themistocleous, Managing Partner, CEO of RSM Cyprus, said: "We are really proud that our Firm has seen revenue increase for the fourth year in a row. This achievement demonstrates the dedication of our team to excellence, a commitment we will continue to uphold. As a proud member firm of the RSM Network, we leverage our international expertise and best practices, ensuring our clients receive seamless, high-quality support across regions."

He added, "Looking ahead, we expect the professional services sector in Cyprus to continue playing a decisive role in the economy since Cyprus's strong financial and legal system continues to draw foreign investments. The ongoing economic uncertainty, regulatory changes and compliance, digital transformation, sustainability and ESG requirements and access to skilled talents are some challenges we will call upon to cope with. Consequently, we expect the demand for tax advisory, assurance services, and personalised solutions to grow so companies remain competitive and successfully navigate the challenges. Our experienced team will persist in evolving, adapting and staying ahead of the industry trends and new technologies to meet the high demands of the mentioned personalised solutions. Finally, yet importantly, we will continue to support initiatives that positively impact our community, to causes we are all proud to be a part of."

It comes as RSM announced worldwide revenues of US$10 billion for the 12 months to December 2024, a year-on-year growth of 6%.

The results make RSM the sixth global accounting network to exceed combined fees of US $10 billion.

Global fee income for assurance services grew 15% to US$3.2b, while RSM's tax revenues rose by 11% to US$2.9b, marking a second year in succession of double-digit growth. Global consulting revenue remained consistent with US$3.9b, proving to be RSM's strongest performing service line overall for a third year in a row.

E.J. Nedder, CEO of RSM International, said: "The combined revenues recorded by our organisation are testament to the value our Member Firms bring to a core part of the global economy, and underpin the vision of RSM's 2030 global strategy. Our seamless and specialist cross-border solutions enable middle-market businesses to navigate challenges and build upon opportunities with confidence.

"This year's results demonstrate both our clients' and Member Firms' resilience amidst challenging market conditions. As we look ahead to 2025, our organisation is committed to building on this solid foundation through evolving the global RSM experience to truly enable our clients and our people to unlock value and take charge of change."