Crowe breaks $4 billion revenue barrier with Asia growth of 43 percent

13 February 2019 3 min. read
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Crowe Global has banked a record $4.3 billion in revenues for 2018 with stunning year-on-year Asia Pacific growth of 43 percent.

Already the sixth largest accounting network in Asia – and the eighth internationally – Crowe Global has grown its regional Asia Pacific business by a massive 43 percent in 2018, helping the firm to achieve collective global record revenues of $4.3 billion – up 14 percent on the previous mark of $3.7 billion under the Crowe Horwath banner, with the firm rebranding to Crow Global toward the middle of last year.

While Singapore was noted as a strong growth market, the firm’s recent coup in China also played a part in the staggering regional growth, with the country’s second largest accounting firm Ruihua CPAs (at an estimated 10,000 employees) severing its joint RSM/Crowe partnership for an exclusive deal with Crowe. Further driving growth was the firm’s acquisition of Toyo in Japan from BDO – boosting overall revenues by some $40 million.

“The headline figures – in particular double-digit growth across the network – speak for themselves and should be celebrated,” said Crowe Global CEO David Mellor, the former PKF and KPMG partner who took over the top role in April last year. “We are immensely proud of the work we have done throughout 2018 in a rapidly-evolving marketplace and are already building on those successes as 2019 gets underway.”Crowe breaks $4 billion revenue barrier with Asia growth of 43 percentOther country markets noted for their impressive performance included Germany and the UK at growth of 17 and 18 percent, along with the US at 9 percent, while geographically North America and Europe rose by a respective 6 and 5 percent – with Hungary in the latter more than doubling its 2017 take and Crowe BGK Canada jumping by a third. “It is pleasing to see the numbers reinforce the positivity we see around the network on a daily basis,” said Mellor.

“The past year has been a period of significant change for Crowe and we have sought to position ourselves for continued future growth through investment in our people, as well as in processes and technology,” the CEO continued. “Importantly, the efforts of 2018 are helping us to foster deeper collaboration between and among member firms, building a global culture of innovation and efficiency, as well as growing multinational business.”

Just one of several mid-tier international accounting and advisory networks to rebrand last year – including Baker Tilly in December and HBL the month prior – Crowe continues to put pressure on the firm's competitors immediately above it on the revenue table, while fending off those just below, such as Nexia, which also broke the $4 billion barrier last year. Growth for RSM meanwhile, Crowe’s nearest upper competitor in revenue-terms, slipped last year against its main rivals – losing its sixth worldwide placing to Grant Thornton.