KPMG revenue hits £1.96bn as profits fall

KPMG’s revenues are up by 2.6% at £1.96bn, but profits have dropped for the second year at the firm, down 7%, partly as a result of spending on acquisitions, property and staff training, while partner pay fell by 13%.

Profits for the financial year ended 30 September 2015, before tax and members’ profit shares, fell from £414m to £383m, as the firm continued to invest in what KPMG described as a three-year ‘grip, build and grow’ strategy to reposition the business in its markets.

Average partner remuneration fell 13% from £715,000 to £623,000. There was also a pay cut for Simon Collins, UK chairman of KPMG, whose remuneration was £2.2m, down from £2.5m in 2014.

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