The network of 227 member firms across 114 countries saw a 13% increase in revenue, reaching $5.1 billion (c. £4bn). While some of this growth came from the addition of 14 new firms, the majority was organic.

The group’s 2024 performance marks its fourth consecutive year of double-digit revenue growth.  The accounting services division, encompassing bookkeeping and payroll, led the way with a 29% rise to $683.4 million (c. £542.31m). Tax practice revenues grew by 25% to $1.74bn (c. £1.38bn), and the advisory arm saw a 15% increase to $910.8m (c. £723m). Unlike some competitors, Moore Global’s audit and assurance revenues experienced a slight dip of 1% to $1.6bn (c. £1.27bn). The group does not disclose profit figures.

Private equity firms have increasingly targeted accountancy groups, drawn to the potential for industry consolidation and the opportunities presented by artificial intelligence.  For smaller firms, external investment is often crucial for keeping pace with AI advancements.  Six of Moore Global’s ten largest members have received private equity backing, including US-based Citrin Cooperman, which recently sold a stake to Blackstone.

Anton Colella, chief executive of Moore Global, acknowledged the significant impact of this investment. He said: “There’s no question that the injection of investment from private equity into our biggest firms is a growth accelerator, and we’re just in the foothills of that.

He highlighted the cultural shift brought about by private equity, fostering greater ambition, diversification, and investment in new services and technology.

Founded in London in 1907, Moore Global, with its 34,000 employees, focuses on small and medium-sized businesses rather than publicly listed companies, differentiating itself from the Big Four. Its member firms, which include Johnston Carmichael and Moore Kingston Smith in the UK, often retain their individual branding.

Looking ahead, Mr. Colella noted emerging signs of recovery in advisory services, particularly in mergers and acquisitions.