PracticeConsultingRecord worldwide revenues for KPMG International

Record worldwide revenues for KPMG International

KPMG International has announced record global revenues of US$12.2bn for the fiscal year ended September 30, 1999, up 17% on the previous year.

KPMG Chairman Stephen G. Butler said: ‘Among the largest revenue generators, Consulting services grew a remarkable 32 percent this year to $3.5 billion.

‘Tax services rose 16.5 percent to $2.3 billion, and Assurance services grew by 9 percent, to $5.1 billion worldwide. Financial Advisory Services climbed 39 percent, to $885 million, while all other services accounted for $400 million.’He added: ‘In addition, we are pleased to report double-digit growth across our geographic regions.

‘The Americas region advanced 19 percent, to $5.7 billion; Asia Pacific increased by 20 percent, to $1 billion; and the Europe, Middle East and Africa region reported a 15 percent growth rate, to $5.5 billion.’

Butler noted that in 1999, KPMG:

Launched KWorld, an advanced global knowledge management system that will serve as an on-line messaging, collaboration and knowledge-sharing platform for KPMG professionals as they serve clients around the world. Coupled with KPMG’s global innovation centres for assurance, tax and consulting, KWorld helps to ensure that ideas and skills are rapidly translated and incorporated into the products and services that will help clients succeed.

Strengthened its existing alliance with Cisco Systems Inc., announcing a forthcoming $1 billion investment in KPMG’s market-leading Internet services business, focusing on telecommunications and enterprise markets.

Formed a joint venture called Qwest Cyber.Solutions LLC with Qwest Communications International Inc., the Internet communications company, to provide Internet-based end-to-end application service provider (ASP), application hosting (AH), and application management (AM) services. Qwest Cyber.Solutions will compete in the global market for applications management that analysts estimate will grow to $25 billion by 2001.

Enhanced its service strategy by moving toward three global operating regions: the Americas; Europe, Middle East and Africa; and Asia Pacific. The three regional operating units will allow the firm to deploy its resources and serve multinational clients with greater efficiency, effectiveness and speed.

KPMG’s member firms have more than 103,000 professionals, including 7,000 partners, in 159 countries.

KPMG to announce record results next week

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