KPMG reports record revenues
BIG four accountant KPMG International has announced record-high revenues and an increase in headcount.
The firm reported revenue across its global network of $24.8bn for the year ending September 30 2014 – a 6.3% increase over the previous year. During the year, it recruited 18,000 graduates and grew headcount to 162,000 professionals.
John B Veihmeyer, chairman of KPMG International, said the “quality and breadth” of professional services, combined with “significant investments made to strengthen and broaden services and capabilities”, has enabled KPMG to achieve strong and sustainable growth in 2014.
Revenues in the American division rose by 10.1%, driven by a 15.1% growth in advisory revenues, 8% increase in tax and an 8.7% increase in audit revenues.
Europe Middle East and Africa (including India) revenues grew by 4.7%, with strong growth in Ireland, Spain, Switzerland and the UK, as many of the region’s leading economies returned to growth.
The Asia Pacific region came in behind with revenue growth of 3.8%, but KPMG described this as a “positive performance in the context of the challenging economic conditions for many of the region’s leading economies”.
KPMG’s staff in Leeds are set to move into the firm’s new Sovereign Square development in 2015 which follows the completion of its national Innovation and Solutions Centre at Broad Gate. This has created a further 200 new roles in the city.
The firm added this morning that it is at the mid-point of a five year, $1bn, global investment program aimed at developing new data and analytics solutions, incorporating state of the art technology and investing in high growth markets. As an example, in the past two weeks, KPMG announced a partnership with super-car and Formula 1 team owner McLaren Group. The firm will use McLaren Applied Technologies’ predictive analytics and technology in its audit and advisory services.
KPMG will reveal more detailed UK results next week.
