Midlands offices power accountancy giant to strongest growth in a decade

Karl Edge

KPMG has announced its strongest growth in a decade – and is hailing its Midlands business for its strong performance.

Revenues at the accountancy giant increased by 8% from £2.17bn to £2.4bn for the financial year ended 30 September 2018. Underlying profit increased by 18%, to reach £356m.

A buoyant M&A market fuelled the firm’s deal advisory practice, which grew by 14%, while KPMG’s audit practice also posted growth of 8%, following several important wins. Regulatory change and trends within global politics, such as Brexit and US tax reform, drove demand for advice, which saw KPMG’s tax, people services and legal practice grow by 7%. Meanwhile, the firm’s consulting business achieved growth of 5%.

Karl Edge, Midlands regional chairman at KPMG, said: “Our Midlands practice has had another year of impressive growth building on the solid performance of the last few years.

“I am really proud of our financial performance and the investment we have made in our people. The results that we are seeing are testament to the talent and dedication of each and every person in our Birmingham, Leicester and Nottingham offices. We are operating in a market where disruption is prevalent in every industry, but I truly believe that the Midlands has a strong and vibrant regional economy, so opportunity will abound for those who are innovative and ready to adapt.

“Nationally, the firm has achieved its fastest growth in a decade, an achievement which in no small part has been powered by the work of our Deal Advisory teams. I’m delighted that our Midlands M&A practice has played an integral role in this, advising on some of the region’s most significant transactions including the sale of GCI to Mayfair Equity Partners, CM Downton to EmergVest and M&J Evans Construction to Freshstream.

“Looking ahead, we know that economic and geopolitical uncertainty is having an impact on confidence, which in turn is starting to affect investment decisions. We continue to focus our efforts on supporting businesses across the Midlands through this uncertainty, ensuring that they are resilient to the challenges ahead while remaining alive to those opportunities by which they can grow and fulfil their potential.”

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