Profits surge at KPMG as M&A market bounces back
KPMG says it welcomed 164 new joiners and 66 graduates and apprentices to Leeds last year.
The firm, which has today published its annual results for the financial year ended 30 September 2021, also promoted 135 colleagues in the Yorkshire and the Humber in the same period.
Across the North, KPMG’s Deal Advisory practice worked on 90 completed deals, worth a total value of £20bn.
Euan West, office senior partner for KPMG in Leeds, said: “Our business performance in Yorkshire and the Humber was strong last year, boosted in particular by the tremendous growth in our deals and consulting capabilities.
“Welcoming so many new people to our teams in the Yorkshire and the Humber was one of my personal highlights last year as we continue to grow our presence in the region.
“From the unprecedented supply chain issues to labour shortages, wage inflation and a remarkable increase in the wholesale cost of energy, businesses in our region showed resilience and innovation in dealing with a range of challenges last year.
“Many of these pressures remain and we will continue to support our clients as they respond to them.”
KPMG posted growth of 10% in 2021, with revenue rising from £2.14bn to £2.35bn, and profit before tax increasing from £288m to £436m.
It says growth in FY21 was driven by the resurgence of the M&A market, which saw net sales in the firm’s Deal Advisory practice increase by 31% to £357m.
Demand from private sector clients for digital transformation services drove a 13% increase in net sales in the C0nsulting practice to £646m.
KPMG completed the sale of its restructuring business and unveiled a transformation programme to invest in the firm.
Partners voted to back plans to retain and invest the £300m financial proceeds made from both the sales of the firm’s restructuring and pensions businesses, as part of a long-term growth strategy.
Jon Holt, chief executive of KPMG in the UK, said: “The triple whammy of Covid-19, climate change and Brexit has left businesses dealing with complex, intertwined issues, which often span multiple jurisdictions.
“We’re investing in our multi-disciplinary services to support our clients with these challenges and help them grow their businesses in a sustainable way.
“Demand for our advice has continued strongly and our firm has recorded growth across all of our service lines during the first quarter of our new financial year.”
