Double Digit Growth at KPMG
Fee income has risen by more than 10% at Big Four international network KPMG.
Revealing combined revenues of $22.7bn (£14.5bn) for the year ending 30 September 2011, the network said performance had been strong across all regions and sectors of its business. However, the increase was only 6.2% when measured in local currencies.
Michael Andrew, KPMG’s Hong Kong-based international chairman, said the double-digit dollar growth figure had been achieved in a tough environment. ‘We achieved this by focusing on fundamentals and organic growth and making common investments in our strategic priorities,’ he said.
Audit revenue rose 5.8% to $10.5bn, while tax had grown 13% to $4.7bn and advisory services were up nearly 15% to reach $7.5bn.
Much of the growth came from the emerging markets – India increased by 25% while Brazil grew 22%. During the year the network increased its headcount by 5% to 144,677.
Although remaining the smallest of the Big Four, the results show that KPMG has closed the gap between itself and Ernst & Young, which recently posted fee income of £22.9bn for the year ending 30 June 2011. PwC is currently the largest, with fee income of $29.2bn while Deloitte remains second with combined fees of $28.8bn.