Tax and corporate finance struggles hit KPMG's 2009 figures
Revenues and profits dropped at KPMG UK and its European parent struggled in
The UK firm saw revenues fall by 1.6%, to £1.63bn for the 30 September year
Profits fell 1.3% to £382m from £387m.
Europe’s revenues were €3.5bn, a 0.4% decrease on the previous
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
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.”