Praxity Alliance Announces 12.3% Growth
12 Feb 2025
Praxity, the world's leading alliance of independent accounting firms, has announced another year of impressive growth, achieving revenues of $10.9 billion in 2024. This represents a substantial 12.3% increase at constant exchange rates compared to 2023, continuing the Alliance's strong momentum of double-digit growth, which is reflected in revenue gains across all regions and service lines.
The combined revenue of Praxity's member firms, operating in over 120 countries, surpasses expectations and builds on the previous year's exceptional performance. Praxity connects top-tier accounting professionals who are both independent and united, bringing together more than 85,000 individuals in over 975 offices globally.
Revenue growth was seen in every region, with particularly strong performances in:
Europe: A significant 23% increase, reaching $2.9 billion.
Middle East: A remarkable 24% surge, totalling $102 million.
Latin America: A substantial 19% rise, reaching $144 million.
These gains are a testament to the dedication and expertise of Praxity's member firms, who leverage the Alliance's collaborative framework to deliver cross-border services seamlessly.
Key highlights across the Alliance include:
Audit & Accountancy:
Generating $5.5 billion (50.3% of total revenue), this core service line saw a robust 12.2% increase. Representing half of the Alliance's total revenue, this growth underscores our members continued strength and expertise in these essential disciplines. Praxity firms maintain their commitment to accuracy and rigour, achieving exceptional results in this area.
Tax:
Contributing $2.9 billion (26.5% of total revenue), tax services experienced a significant 18.9% increase. In a global landscape of evolving tax regulations and increasing complexity, Praxity members provide invaluable support to their clients, navigating compliant solutions across borders and sectors.
Advisory:
With revenues of $2.1 billion (19.4% of total revenue), advisory services also demonstrated strong growth at 8%. This performance highlights the confidence clients place in Praxity's member firms for expert guidance and support.
Praxity's strong 2024 performance highlights members' strategic positioning within the ever-evolving financial services industry. With technological disruption and changing client demands, Praxity members have effectively balanced adaptability and future-proofing with a core focus on client relationships and value creation. The rise of technologies like generative AI is reshaping the industry, offering opportunities for enhanced customer experiences and personalised services. Our members' growth in areas like tax and advisory reflects the increasing need for expert guidance in navigating complex regulatory landscapes, aligning with the industry's emphasis on cybersecurity and compliance. In an increasingly competitive industry, Praxity's performance underscores the value of building trust, understanding client needs, and delivering tailored solutions that meet the evolving demands of today's financial services clients.
Praxity CEO Sam Louis commented -
“Growth is a testament to the strength of the Alliance, but more importantly, it reflects the strong partnerships our member firms build with their clients. These figures are a result of their commitment to understanding client needs and delivering tailored solutions. Praxity members are constantly improving the client experience through collaboration and trust.”
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