Our financial report sets out the strategic decisions underlying our business performance and details RSM’s compliance with relevant corporate governance principles. We share our responsible and ethical approach to develop and support our people and manage our operations, and include our independent auditor’s findings. Finally, we cover the significant accounting policies underlying our financial accounts and present comprehensive notes to the financial statements.
Read the thoughts of our Chief Executive Officer, Chief Financial Officer and Executive Chairman below, as they reflect on the results that preceded a year of upheaval around the world.
Our business started the 2019/20 financial year in a strong position and ended it just after the first national lockdown was announced on 23 March. In this report, I’m pleased to share that our firm achieved a 6 per cent increase in revenues. RSM has held fast because the fundamentals of our business are strong and our people are talented, committed and determined.
Rob Donaldson, Chief Executive Officer
The Group is committed to developing existing markets as well as new sectors where they align with the overall strategic plan. Our focus on the middle market continues, and we have a full range of specialist services to meet the needs of our clients.
RSM’s strong financial performance and balance sheet in 2019/20 stood us in good stead for the upheaval of this year. Our core services of audit, tax & advisory, and transactions generated revenues of £85.4m, £165.7m and £63.0m each.
RSM will continue to react to the situation in the marketplace. Whatever the conditions, we have a great platform to continue to grow and reap the commercial rewards of the new strategic initiatives laid out in this report.
Andrew Westbrook, Chief Financial Officer
RSM brand recognition has continued to improve in the year as clients associated our offering with the middle market. This brand recognition has also helped us to foster even closer ties within the RSM global network which continues to deliver high quality service offerings to our internationally-focused clients. Referred work from around the world to meet our clients’ needs continues unabated, with record fees billed during the year under review.
Our vision is to become the first-choice adviser to middle market leaders, globally. The focus of the Board and National Leadership Team has been implementing this vision which defines our purpose, goals and behaviours.
More broadly, we endeavour to manage our business in a way that makes a positive impact on society and the environment, while reflecting our values of respect, integrity, teamwork, excellence and stewardship. We adopt this approach in our interactions with our people, our clients, our suppliers and the communities in which we operate.
Kevin O’Connor, Executive Chairman