KPMG North increases turnover by 3.2%

ACCOUNTANCY firm KPMG’s northern practice has increased its annual turnover by 3.2% in what chairman Malcolm Edge has called “a year of two halves”.

The region performed slightly better than the UK practice as a whole, which recorded a 3% increase on last year, with a turnover of £2.03bn to the end of September 2008.

The North West’s forensic business has seen growth of more than 50% in the last year, while the firm said tax and pensions had also seen double digit growth. Over the year six new partners have been appointed in the region.

Malcolm Edge, chairman of KPMG in the north, said it had been a “year of two halves” with buoyant levels of activity through to March 2008, driven in part by businesses wanting to complete transactions before the April capital gains tax deadline.

“However, since then, the impact of the global economic volatility has truly hit home in the region and we are now experiencing the slowdown and squeezes that many of our clients and the wider economy in general are also enduring.”

He added: “Looking ahead, it would be naïve to think that we are not immune to the general economic conditions, so I fully expect this slowdown to continue to impact upon our business into 2009.

“Nevertheless, I also see some real opportunities, and it’s up to us to ensure that we are equipped to take advantage of them. After all, economic volatility brings change; and change brings opportunities as well as threats.”

Mr Edge said the business was already seeing heavy increases in demand for advice on debt restructuring and cost reductions.