KPMG records 9% growth in global fees
Despite persistent market difficulties, KPMG International has announced a 9% hike in fee income, reporting revenues of $11.7bn (Pounds 8bn) for 2001.
Citing a persistent and challenging economic climate in the latter half of its financial year, KPMG’s global chief Steve Butler described the growth rate as ‘robust’.
The firm’s remaining consulting business led the way, growing 19% to $1.5bn, though the lion’s share was floated off earlier in the year.
Deloitte Touche Tohmatsu can now claim to be the second largest of the Big Five firms worldwide, having reported last month fees of $12.4bn, though the firm is resolutely keeping hold of its consultancy practice.
KPMG confirmed its intention to sell off its remaining European consultancy practice.
It is thought likely that it would be acquired by the US company, KPMG Consulting Inc, though it is believed other companies have expressed an interest in buying the practice.