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.”
Revenue and profitability growth in on the rise for CPA firms, found a survey from the American Institute of CPA’s and its subsidiary CPA.com
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Carter Backer Winter has acquired Edwards Financial Services, expanding its financial planning department
New growth opportunities in Aberdeen, North East Scotland, are being invested in by Grant Thornton