6% revenue rise at KPMG North

Professional services firm KPMG has announced a revenue growth of 6% across its northern business – incorporating its Leeds and Manchester offices headed up by Chris Hearld.

Nationally, KPMG UK recorded a 5% increase in revenues from £2,068m to £2,172m for the financial year ended 30 September. However, average partner remuneration reduced from £582,000 to £519,000 and the firm reported a 19.5% reduction in profits from £374m to £301m. The firm has around 600 partners.

Chris Hearld, regional chairman for KPMG North, said: “In line with the wider firm, our business across the North of England delivered a solid performance over the course of the year, with revenue growth of 6%, building on the strong performance of the last two years.

“We enjoyed excellent growth in our audit practice and are delighted with our performance in competitive tenders during the year, highlighted by securing the audit of Croda plc. Our consulting teams also had a particularly good year, driven by increased demand from clients for advice on pressing issues such as GDPR and cyber security, while our commitment to the privately owned part of the regional market is paying off with significant briefs spanning the breadth of our services.

“Our market-leading M&A teams continue to advise on some of the region’s highest profile transactions, including the NISA takeover by Co-op and the LDC acquisition of tech business Mitrefinch. And while our restructuring team performed well against the backdrop of a relatively stable market, all the signs are that their pipeline for 2018 looks strong – perhaps an indication that gathering economic headwinds are starting to impact companies’ bottom lines.”

In Yorkshire, KPMG promoted 82 people, including three partners and five directors, and recruited 73, of which 15 are apprentices. Hearld added: “This is a 50% increase on last year reflecting the increasingly important role of apprenticeships in our recruitment strategy. We and our clients stand to benefit from the greater diversity we achieve by encouraging a wide range of people with different skills and experiences to join us.”

The firm has also worked with the Lighthouse Futures Trust for the first time. This Leeds charity supports the growth of employment opportunities for young people with an autistic spectrum condition.

“Looking ahead to 2018, regulatory and geopolitical change will undoubtedly continue to create opportunities for us, and we foresee further advisory opportunities stemming from the Government’s industrial strategy, including public/private sector partnerships, funding collaborations and infrastructure investments,” added Hearld.

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