Andersen Says it is Well Ahead of its Growth Plans

Analysis

The Anderson Hungary management team.

The sales revenue of Andersen Adótanácsadó Zrt., a member of Andersen Hungary, reached HUF 2.1 billion in 2022, almost 37% up on the previous year. That considerably exceeds the annual growth rate of 10-15% envisaged by the management. The Budapest-based company has further reinforced its position in the market of tax advisory services.

Despite the adverse economic trends, Andersen Adótanácsadó Zrt. improved its growth rates substantially in 2022 over previous years.

“There is considerable progress in all our business lines and service areas. With an overall 37% growth in sales revenues, we are well above the market average. The last time we were able to jump this much was in 2016 when our base was just a third of the current size,” says CEO Károly Radnai of last year.

Several service areas performed above the 37% average, with the tax allowances and state subsidies business line topping the list. This area practically doubled its sales revenues compared to 2021. Andersen has made no secret of its ambition to break the dominance of the Big Four consultancies in this area and provide the highest level of service in Hungary.

There was also massive growth in the areas of indirect tax (VAT, customs, green tax) and M&A advisory (restructuring, acquisitions, and transaction tax planning), with the former generating 63% and the latter around 73% more sales revenues compared to the previous year, the company says.

Andersen’s tax services for the film industry also deserve special attention, as they reported growth of almost 50%. This business line has always been one of the best performing for the company, and the 2022 figures mean Andersen has further reinforced its position as the market leader in tax advisory services to the film industry in Hungary.

Positive Feedback

Alongside its business results, professional feedback and recognition also show a very positive picture of the quality of Andersen’s work and its services, the firm says. Prestigious tax magazine International Tax Review again assessed Andersen Adótanácsadó Zrt. as the top-performing Hungarian tax advisor in 2022. It means that, for the second year in a row, the company has earned the highest professional accolade of the year while also collecting the Indirect Tax Firm of the Year award.

Opening up to Far East markets has emerged as a new strategic element of Andersen’s medium-term plans.

“The goal is first to approach those Asian businesses and large corporations which have operating investments, sites, manufacturing capacities or subsidiaries in Hungary, or are laying the groundwork for such investments,” Radnai explains.

“In this regard, we do not only intend to provide special services for our Far Eastern clients but are also continuously developing our professional team towards the needs of this market,” he adds.

Law firm Szabó, Kelemen & Partners Andersen Attorneys and Andersen Adótanácsadó Zrt. collectively makeup Andersen Hungary. The Budapest-based tax consultancy and legal outfit is currently the fifth largest player in the Hungarian market after the Big Four companies. Andersen Hungary has more than 100 employees at its clients’ disposal. To maintain the growth rate outlined in the business plan and satisfy client needs, the firm says that Andersen Adótanácsadó Zrt. will continue expanding its professional team in 2023.

This article was first published in the Budapest Business Journal print issue of February 24, 2023.

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