KPMG has outdone its rivals to record 20% fee income growth and become the
fastest-growing Big Four accounting firm in the UK.
Revenues climbed from £1.07bn in 2004 to £1.28bn, as KPMG closed the gap on
the UK’s second biggest firm Deloitte, which saw revenues grow by 8.8% to
£1.35bn this year.
PwC still tops the league of the large firms with fee income of £1.78bn, and
Ernst & Young, which reported growth of 15%, remains fourth with turnover of
KPMG reported double digit growth across audit, tax and advisory services.
Audit revenues were up 16% at £356.7m and advisory soared 24% to £606.7m, as
KPMG cashed in on the IFRS and Sarbanes-Oxley bonanza. The firm’s tax department
also performed well, growing 15% to £316.5m.
‘We want to create a place where the best people want to work,’ said KPMG
senior partner and global chairman Mike Rake. ‘If we continue investing in
people we will continue to grow and generate profit.’
The firm recruited 12 outside partners and promoted 29 partners internally
during the year, and treated 8,950 staff to a combined £59m bonus.
‘We have had a very successful year and are delighted to reward our people
with record levels of bonus payments,’ said KPMG CEO John Griffith-Jones. ‘We
have also promoted 1,200 people across the firm in recognition of their
significant contribution and achievements.’
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
Colin responds to the call for 'Darwinism' in accountancy
A new partner, Dermot Callinan, has joined Saffery Champness from KPMG where he was recently the head of the UK private client advisory team