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January 8, 2012

KPMG UK revenues grow by 7%

KPMG UK has increased annual revenues by 7% to £1.707m ($2.632m) in the year to 30 September 2011. Despite this, the firm’s profits were down 5% to £396m.

The third largest firm in the UK reported a 3% drop in audit revenues as the highly competitive audit market has been subject to fee pressure.

Tax revenue was up 12% and management consulting increased 11% but the star perfomer was risk consulting, which grew 43%. The firm noted strong demand for restructuring but transactions advice continues to be a difficult market.

KPMG increased it’s headcount by 7% to 10,150 and added 24 more partners. The firm’s school leaver programme, which pays students tuition fees, provides a salary and work experience, took on 90 students in 2011 and expects to recruit 150 students in 2012.

Helping shore up growth, KPMG has made niche acquisitions in the past few months: consultancy firm Xantus and parts of EquaTerra’s UK business.

KPMG chairman John Griffith-Jones said the result was pleasing in a challenging business environment but was careful about future predictions. He said he had become “quite worried” in recent months over the Eurozone crisis and its impact on the British economy.

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