KPMG UK posts static revenues
Revenues hold up at £1.6bn: profits per partner climb 10% to £763,000
KPMG UK’s revenues were static for 2009/2010, at £1.6bn.
Profits on ordinary activities before cash was £428m, up 10% on the previous year.
However, audit and tax revenues declined 5.6% and 6.6% respectively. UK allocated profit per partner rose 10% to £763,000.
KPMG’s performance and technology division, which sits within advisory services, climbed 13% to £229m. The firm plans to expand its headcount by 3,000 over the next three years, craven by advisory growth.
The figures were released as part of the publishing of KPMG Europe’s annual report.
The European business, of which the UK sits within, saw revenues grow to €4.1bn (£3.5bn), a 16% increase on 2009’s €3.5bn. However, on a like-for-like pro-forma basis, and with constant exchange rates, revenues fell 3% to €4.3bn.
John Griffith-Jones and Rolf Nonnenmacher, KPMG Europe’s joint chairmen, said:
“This was a strong financial performance in a tough economic environment, and a year in which we made enormous progress in building a powerful grouping of European firms.”
Following the year end, KPMG firms in Norway and Saudi Arabia voted to join the merger. Firms within the European business will now span 16 countries and employ 30,000 people.