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December 12, 2013

KPMG global revenues up 1.7%

KPMG’s global revenues have increased 1.7% to $23.42bn in the year to 30 September.

In local currency comparison revenue growth was 3.7%.

KPMG reported strong growth in advisory services with revenues up 5% in US$ to $8.24bn, up 6.5% in local currency and tax services were up 2% (4.2% in local currency) to $4.97bn.

Audit revenues were down 1% from $10.3bn to $10.21bn.

Americas region performed best for KPMG with 5.8% growth to US$7.88bn, however the firm saw a 4.2% drop in its Asia-Pacific results to US$3.9bn. The global network said the Asia-Pacific performance reflects the "difficult economic situation affecting some of the largest economies in the region and the slow IPO market, a traditional strength of KPMG".

EMEA revenues were up 1% to $11.64bn with good growth especially in Germany, Ireland and Switzerland.

KPMG International chairman Michael Andrew said: "Over the past year we have seen the first widespread signs of economic confidence returning to clients and this has led to improving demand for services around the world, accelerating growth in the second half of the year. Continuing to make significant investments in a difficult economic period while delivering operating efficiencies has ensured we are well-placed to meet this upturn in demand, and will drive stronger growth in the future."

Andrew also highlighted the firm’s $225m investment in audit over the past five years and said the plan is to invest at least as much again in the next five years.

Broadly the firm said it will be making a $1bn investment "focused on our core global audit platform, high-growth markets and developing new services such as data and analytics".

All of the Big Four have now reported growth for the past fiscal with both KPMG and second ranking PwC reporting global growth just above 1.5% in US$, while first ranking Deloitte and third ranking EY have reported 3.5% and 6% growth respectively.

For all firms advisory growth was at the core of the success as audit services growth for many remains strained.

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