Moore Global breaks $5 billion revenue barrier on back ongoing growth
International accounting and consulting network Moore Global has cracked the $5 billion revenue mark on the back of ongoing double digit growth, up 13 by percent on last year’s $4.5 billion figure.
Since then, the network has added 14 new members around the world – taking its total to more than 230 across 116 countries, with a combined headcount pushing 37,000 professionals. Notably, a number of its largest members have recently been boosted by fresh private equity investment, helping to fuel both organic growth and acquisitions.
The firm’s $5.1 billion take in 2024 places Moore in a tight mid-tier log-jam around the edge of the top ten largest global organisations of its kind – a list which was disrupted last year by the merger of Forvis-Mazars, which recently posted $5.2 billion in combined revenues. Baker Tilly presently occupies 8th spot on $5.6 billion, with all of HLB, Crowe, and Nexia somewhere in between.
“One of the key drivers of our growth is that we see clients increasingly choosing the reliability and quality of mid-tier networks like Moore,” stated global CEO Anton Colella. “We have a clear focus on the mid-market and the reality is as our clients grow, we are growing. Our member firms are strong and they are growing thanks to the support of Moore Global.”
Unlike some of its rivals, Colella told the Times in the UK (where Moore is headquartered and has a 120-year heritage) that the firm generally steers clear of public auditing work, which can be a regulatory mind-field, and instead focuses on supporting the middle market with core services around accounting, tax, and business advisory.
Growth areas
This approach is borne out in Moore’s 2024 figures, which overall marked the firm’s fourth consecutive year of double-digit growth. While its audit & assurance division in fact slipped marginally, contributing $1.6 billion, the firm’s tax and accounting practices boomed by respectively 25 and 29 percent, each adding $1.74 billion and ~$680 million.
The remaining ~$910 million of the sum was generated by Moore’s advisory line, which also grew by an impressive 15 percent against market trends. By contrast, RSM, which sits in sixth place on the global accounting & advisory table behind BDO and the Big Four and recently reached its own $10 billion milestone, was seemingly upbeat that its own advisory line hadn’t contracted.
Private equity
Of note, six of Moore’s ten-largest members have now received a private equity boost – including most recently Blackstone’s significant stake in US-based Citrin Cooperman – in a growing global trend which has also locally seen Pemba invest in accounting boutique Stannards late last year, given as allowing the smaller firms the opportunity to keep somewhat up in areas such as AI.
“There’s no question that the injection of investment into our biggest firms is a growth accelerator, and we’re just in the foothills of that,” Colella said. “The cultural change that it’s brought is greater ambition, greater desire to diversify, and an ability to invest in new services and technology, and I think we expect to see significant growth in the years to come as a result.”
Moore in Australia
The Australian branch of Moore, which has fourteen locations country-wide including in Launceston and Darwin, experienced growth on par with the global network during its past financial period, up by 13 percent to $100 million. This however places the firm at 20th in local terms according to the AFR’s annual rankings, with Kelly+Partners recently jumping ahead and SW Accounts & Advisors in hot pursuit.
Rather than through private equity though, Moore Australia has been perusing growth by expanding its coverage via a string of recent acquisitions, tacking on Geelong-based advisory ProAdvice and Perth’s Quay Associates over the past eighteen months. The firm’s biggest coup however, was the recent addition of Nexia’s team in Brisbane, with seven partners and around 70 professionals crossing to Moore.
