PracticeAccounting FirmsRevenues fall at KPMG UK and European parent

Revenues fall at KPMG UK and European parent

Tax and corporate finance struggles hit KPMG's 2009 figures

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:

Revenues
fall 4.9% at Deloitte International

PwC
global books $26.2bn revenues

E
&Y’s UK revenues rise by £100m

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