KPMG Europe has reported a 13% increase in annual revenues to €4,589m ($5,833m) in the year to 30 September 2011. On a like-for-like basis at constant exchange rates, revenues were up 5% to €4,718m.
KPMG Europe said the performance was fuelled by growth in Russia, Turkey, Spain and the UK, while the second largest contributor, Germany, reported flat revenue.
KPMG Europe grew its risk consulting practice by 16%, management consulting by 11% and tax by 9%.
Audit was down 2% to €1,889m, while transactions and restructuring services, both down 2%, brought in €654m.
Norway, Saudi Arabia and Kuwait joined KPMG Europe throughout the past fiscal year. KPMG Europe now has 18 countries and has 32,800 partners and staff.
KPMG Europe has also made several acquisitions during the past fiscal year, mainly in the management consulting business. These included advisory business EquaTerra, health care consultancy Plexus in the Netherlands, UK IT consultancy Xantus and the integration of the several boutique legal practices in Spain.
KPMG Europe chief operating officer Richard Bennison said the firm has seen a creditable performance in difficult economic conditions.
“No imminent recovery is expected in the M&A and IPO markets and our plans are built around an expectation of continuing volatility in the financial markets,” Bennison said. “However, we expect our Risk Consulting and Management Consulting businesses to continue to capitalise on the market opportunities that are likely to exist across all sectors.”