Revenues fall at KPMG UK and European parent

Revenues and profits dropped at KPMG UK and its European parent struggled in 2009.

The UK firm saw revenues fall by 1.6%, to £1.63bn for the 30 September year end.
Profits fell 1.3% to £382m from £387m.

KPMG Europe's revenues were €3.5bn, a 0.4% decrease on the previous year.

Its joint chairmen said the results were a "creditable performance".

"We might have hoped for better economic conditions in our second year as a merged firm but rather than put our expansion plans on hold we have continued to pursue a whole range of strategic initiatives that will shape our performance over future years," said John Griffith-Jones and Rolf Nonnenmacher.

The German firm posted €1bn of revenues, a 1.7% decrease on the previous year.
UK audit revenues rose 4.7%, however the drop in corporate finance work hit the UK and Europe's tax revenues, falling 12% and 5.4% respectively.

"After two tough economic years, we are hopeful that the economies in which we operate will provide a more favourable environment."

Further reading:

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