Profits reach almost £450m at financial services firm
Accountancy firm KPMG has announced that the firm’s profits increased to just under £450m last year.
The firm delivered double digit growth for the second consecutive year, recording a 16 per cent rise in revenue from £2.35bn to £2.72bn, with profit before tax increasing from £436m to £449m.
This year it invested £130m into new hires, alliances and technology as part of its leadership team’s long-term strategy to grow the business.
Last May the firm awarded employees a special overnight flat salary increase of between £2,000 and £4,000. The rise was progressive and designed so that the firm’s more junior employees received the most proportionally.
The firm invested £130m in a range of new partnerships, technology and senior hires. These investments included the creation of a new 25,000 sq ft innovation and technology hub in the firm’s Manchester office, which will open in 2023, and the formation of a new joint venture with Venture Capital advisory firm Acceleris, to support entrepreneurs across the UK.
Ian Brokenshire, office senior partner for KPMG in the South West, has pointed to continued growth in the region.
Last year KPMG UK promoted 59 employees in the region, demonstrating the continued investment into the development and progression of its colleagues.
The firm now has 550 staff across two offices in Bristol and Plymouth and has made an impact on previous projects advising the likes of West of England Combined Authority and Bristol Zoo.
Over the past year, the South West corporate finance team advised on a wide range of deals including the sale of childrenswear brand JoJo Maman Bebe to major retailer Next; Inside Travel on raising private equity from Blandford Capital; and the sale of Lakeshore Leisure Group, a holiday park operator, to Capfun.
Ian Brokenshire said: “I’m extremely proud of our team for consistently delivering outstanding work for our clients over the past year through the challenging business and economic landscape.
“It has been fantastic to see many of our people being promoted into new roles and being able to also welcome new staff to support and grow our client offering.
“We’ve seen some exciting developments for our region over the past year and the South West is increasingly becoming a hub dedicated to championing green energy projects and reaching net zero. The government has also made significant announcements in the region, with Plymouth already benefitting from freeport status.
“As we look ahead, our focus is to stay at the heart of everything going on in the South West, including business, government, charitable, cultural and social activities.”
