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.
