Strong growth despite challenging business conditions
Combined global revenue tops US$4bn in a year dominated by a global pandemic and tighter economic conditions
The Baker Tilly network today announced combined global revenue of US$4.04bn for the year ended 31 December 2020, up 5% from 2019 at constant exchange rates. Across the year, global headcount increased to 37,000 people across 148 territories, reflecting our ongoing investment in and commitment to our people.
Driven predominately by growth within our existing member firms, both organically and through mergers and acquisitions, strong performances were recorded across all regions despite the Covid-19 headwinds: Latin American (+6.7 per cent); North America (+5.8 per cent); Asia Pacific (+4.7 per cent); Europe (+3.9 per cent); and Middle East and Africa (+2.8 per cent).
Our traditional service lines of audit, accounting and tax performed strongly, while advisory and other services were more directly impacted by difficult trading environments and the impacts of regional variances. Against that backdrop, we saw strong demand for strategic, human capital and digital advice as clients grappled with the fallout of Covid-19.
Network CEO Ted Verkade said: “2020 was an extraordinary year, dominated by a global pandemic and tighter economic conditions. Throughout, our member firms remained committed to taking bold decisions to ensure, as a priority, the safety of our people and the continuity of our support to our clients’ and our communities at a time when they have needed us more than ever. Our commitment to having tomorrow’s conversations today has never been more relevant.
“We have heavily invested in our digital backbone in recent years, meaning member firms were able to switch to virtual working, often at incredibly short notice, with minimal disruption as governments worldwide imposed lockdowns and restrictions. Our ability to respond quickly enabled us to not only maintain our operational capabilities, but also provide the guidance needed to help businesses and communities assess the impacts of the pandemic and make swift decisions to safeguard their own futures.
“We enter 2021 with optimism. Recovery is certain to be slow, and we will not, fully at least, ever return to the way things were. But with determination and bold decisions I am confident we will find a wealth of opportunities for positive and lasting change.”
The network ranks as a Top 10 network by global combined revenues and global headcount in the latest World Survey published by International Accounting Bulletin (IAB) for the year ended December 2020.