KPMG sees profitability drop by 20%

Despite a 5% increase in revenues, a mix of investment write-offs and one-off items have seen KPMG’s UK profits fall by 19.5%, its annual report reveals.

The firm’s profit before tax and members’ profit shares fell from £374m to £301m, which led to a reduction in average partner remuneration from £582,000 to £519,000.

KPMG also cut the number of partners to 590, down from 631 in 2016. At the same time, staff numbers were up by 6.5% to 13,969 (13,112).