PKF International Limited (PKFI), the tenth largest global network in 2011, has reported a 7% growth in member firm fees from $2.449 billion in 2010 to $2.621 billion for the financial year to 30 June 2011.

The Latin America region reported the highest percentage growth of 41%, followed by the Asia Pacific region (up 23%), Europe and Africa (both up 16%). Member firm revenue in North America, the largest region in the PKF International network, stabilised in 2011 following the exceptional 30% growth in this region in 2010.

Tax revenues for member firms surged by 58% to $734 million while audit & accountancy revenues also grew strongly by 22% to $1.284 billion. Revenue from management consulting services  fell by 29% to  $262 million. Corporate recovery fees, which represent 2% of total fee income, fell 69% to $52.4 million.

Commenting on the figures, Wolfgang Hofmann, PKF International Chairman, said: “Given the backdrop of financial turmoil in the Eurozone and continuing low growth in the USA, it is very encouraging that there are such strong pockets of growth throughout the PKF International network. Not surprisingly, PKFI’s fastest growth regions of Latin America and Asia Pacific reflect the shift of economic power to the BRIC countries. As we have significantly increased PKFI’s representation in these regions over the last 12 months, as well as recruiting a number of strong new firms in Europe in recent months, we are confident of sustaining our growth over the next financial year and beyond.”