Profits up but revenues down at KPMG
KPMG has reported profits up by 10% but revenues down £10m to £1,008m in results for 2003.
In a press conference this morning in London KPMG revealed that average profit per partner has risen significantly from £352,200 in 2002 to £414,600 last year – a rise of 18%.
Average profit to be distributed to partners is also up from £396,900 in 2002 to £449,500.
Mike Rake, chairman of KPMG International and UK senior partner, said: ‘These results represent a good performance in what was another tough trading year for the professional services sector. Our turnover remained steady in what was a very competitive market, and in a year which again saw flat deal activity in the capital markets.
‘But our profitability has improved and our balance sheet remains strong, so I am confident that KPMG is in prime position to grow its UK business in the year ahead.’
In November Britain’s biggest form PwC revealed its revenue had fallen 7% £1.5bn.