KPMG reports 1% growth globally13 December 2012 by IAB editorial
KPMG's global revenues were up 1% to $23bn in the year to 30 September 2012.
In local currency terms KPMG increased its fee income by 4%.
KPMG said revenues were up across all service lines particularly in advisory and tax services.
Advisory revenues grew 8.3% to $7.8bn and tax to $4.86bn, up 6%.
KPMG's international chairman Michael Andrew said: "2012 was a year of two distinct halves; with growth strongest at 6.4% in the first six months of the year and relatively weaker growth of 2.1% in the six months to September. Growing our business against such a challenging economic backdrop is testament to the quality of our people and the strength of their relationships with clients."
Andrew said in audit the market has been very competitive with the service line having less than 1% growth to $10.3bn.
"On the audit side, the market has never been more competitive and we are focused on continuing to improve audit quality," Andrew said.
Globally, KPMG's fee income increased most across Americas, up 7%. The Europe, Middle East and Africa region revenues increased by 4% and Asia-Pacific revenues increase 1% attributed to subdued growth in North Asia.
KPMG said that in Argentina, Brazil, Chile, India and Turkey the firm grew 20%, which reflect the ongoing investment into these countries.
In China, KPMG was the first of the Big Four to convert its member from a joint venture to a special general partnership, complying with Chinese government's localisation rules which places the control of the firm in to local hands.
Andrew said this was bold step and will enable KPMG's Chinese firm to continue to contribute to the development of the Chinese accounting profession.
In November KPMG opened an office in Myanmar making it the only Big Four firm to have representation in the country.
"Opening a new KPMG office in Myanmar last month was a sign of our commitment to helping to rebuild that country's economy, and to playing a leading role in the economic development of the region. KPMG also established member firms in Iraq and Mongolia during the course of the year and now operates in 156 countries. The decision to locate KPMG's chairman in Asia is a further indication of the commitment to the important role of this region in the global economy."
Over the course of the year, KPMG increased its global workforce by over 5%, to more than 152,000 partners and staff.
KPMG was the last of the Big Four to report its 2012 results. With average global growth lower than its Big Four colleagues this might be indicative of the pressures in the industry globally, especially in the second half of the year. KPMG is the fourth largest network globally with Ernst &Young $1.4bn ahead with global revenues of $24.4bn.