Revenues tumble at KPMG Consulting
The worsening US economy, combined with the 11 September terrorist attacks, caused revenue to fall by more than 10% over the last quarter, KPMG Consulting said yesterday.
The worsening US economy, combined with the 11 September terrorist attacks, caused revenue to fall by more than 10% over the last quarter, KPMG Consulting said yesterday.
The company, which was spun off from KPMG in the US last February, reported income of $609m (Pounds 417m) in the last quarter, compared to $679m (Pounds 465m) for the same period last year.
This was well below earlier expectations – in its previous earnings report the company said it expected revenues to hit between $670m and $705m.
Earlier this month KPMG Consulting announced it would be cutting up to 400 jobs as a result of the economic slowdown.
Rand Blazer, chief executive, said: ‘Our performance in this quarter certainly was affected by world events and the economic environment.’
Revenue in its public services and communications business units continued to be strong but had been offset by falling revenue in its financial services and high technology units.
Links
KPMG Consulting income falls 21%
The numbers you crunch tell a story. Your expertis...
23yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThree years after accountancy group DJH Mitten Clarke launched, they have announced that they have rebranded to DJH. The DJH Mitten Clarke name reflec...
View articleStatic budgets outdated. Embrace agile budgeting for a smooth year-end close and adapt to changing markets. Read More...
View articleSaffery Champness's strategic rebrand to "Saffery" reflects a bold step towards aligning its historic values with a modern, innovative ethos, fosterin...
View articleSumer’s CEO Warren Mead believes accountants have a responsibility to champion smaller and medium-sized businesses and that successful entrepreneurs a...
View articleMid-market firms experience largest percentage increase in fee income in 2023, as consultancy services start to become leading income streams for the ...
View articleBaker Tilly International has today announced record global revenues of US$5.2bn for the financial year ended 31 December 2023, up 11% on the previous...
View articleWhilst Small and Medium Enterprises (SMEs) account for around half of the turnover in the UK private sector[1], our own AAT research shows that over a...
View articleGrant Thornton UK as confirmed the appointment of Malcolm Gomersall as its new Chief Executive Officer. Gomersall, who has been with the firm for over...
View article