The UK firm of KPMG has broken through the billion pound annual fee income barrier for the first time by unveiling 1999 gross fees of £1.038bn, up more than 20% on 1998.
The results cover the year to September 30, 1999.
The firm has put the successful year down to improvements in its consultancy practice, driven by massive growth in e-business related services.
Consulting grew by 30% as the firm advised, among other things, on how to use the internet to cut distribution costs and eliminate high street outlets.
Alan Reid, finance partner, said: ‘We focused on electronic commerce three to four years ago. If you talk to analysts they will tell you we are now the market leaders in that sector’.
KPMG’s distributable profit rose by 35% to £242 million. Partner reward increased by 28% to £391,000.
Record worldwide revenues for KPMG International
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