NEW YORK, Feb. 5, 2016 /PRNewswire/ -- Crowe Horwath International ("Crowe Horwath") reported total global gross revenues of US$3.5B for calendar year 2015, ending 31 December. Revenues of Crowe Horwath member firms grew 8 percent measured on local currency terms, which equaled 2 percent when measured in U.S. dollars. This marks the network's fifth year of consecutive growth despite continued volatility in foreign currency exchange rates and unstable economic conditions.
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Assurance services accounted for 45 percent (US$1.6B) of total revenues, tax services accounted for 24 percent (US$853M) and advisory 31% (US$1.1B). Crowe Horwath continues to invest in non-traditional growth opportunities—building industry-leading capabilities in the areas of global risk and sustainability services. For the second time, Crowe Horwath was named International Accounting Bulletin's (IAB) 2015 Advisory Firm of the Year.
Member firms experienced exceptional growth across Latin America (22 percent), Middle East and Africa (17 percent) and Asia Pacific (7 percent). North America grew by 3 percent, while Europe was significantly impacted by the strengthening of the U.S. dollar against the euro and experienced a 6 percent decline.
Crowe Horwath continued to expand its geographic footprint, building scale across key markets. Nine new member firms were acquired last year in growth markets such as Brazil, Germany and West Africa. As of 31 December, 2015, Crowe Horwath provides services in 128 countries—up from 125 in 2014. Correspondingly, global work force numbers climbed 7 percent to 33,207 people worldwide, which included an addition of more than 150 new partners across all member firms.
"Although we are operating in a very difficult global economic environment, I'm pleased with the sustained growth we've been able to achieve as a network. We continue to benefit by adding scale and bringing onboard member firms and business associates in key economic centers that are dedicated to quality and client service excellence. I also want to commend and thank our more than 33,000 people for all their hard work. None of what we've achieved would be possible without them," said Kevin McGrath, CEO, Crowe Horwath International.
About Crowe Horwath International
Crowe Horwath International is ranked among the top 10 global accounting networks with more than 200 independent accounting and advisory services firms in over 120 countries around the world. Crowe Horwath International's member firms are committed to impeccable quality service, highly integrated service delivery processes and a common set of core values that guide decisions daily. Each firm is well-established as a leader in its national business community and is staffed by nationals, thereby providing a knowledge of local laws and customs which is important to clients undertaking new ventures or expanding into other countries. Crowe Horwath International member firms are known for their personal service to privately and publicly held businesses in all sectors and have built an international reputation in the areas of audit, tax and advisory services.