KPMG International has announced record aggregated network revenues of $26.4bn (£19.66bn) for the fiscal year ending 30 September 2017 (FY17), representing a 5% increase in local currency terms on FY16
The revenue increase was driven by strong growth across audit, tax and advisory services. Total audit revenues for the year were up by 3.1% to $10.39bn, with the firm reporting significant audit appointment wins in Europe following the EU audit reforms.
Tax revenues grew 5.9% over the previous year, to $5.83bn, driven by high demand for tax compliance services, as well as international and M&A related services, in all three regions in which the firm operates.
Advisory revenues were up 6% to $10.18bn. KPMG International reported strong double-digit revenue growth in strategy services and emerging technologies such as cyber. Particularly strong growth was seen in Asia Pacific, where advisory revenues increased by 15%, with double-digit growth across the largest firms, including a 29% increase in China.
Across its three geographic regions KPMG International saw Americas revenues increased by 4.4%, with tax growing by 6.7%. Asia Pacific delivered strong growth with revenues increasing by 8.1%, with advisory growing by 15%. In Europe, Middle East and Africa (EMA, including India) revenues increased by 4%.
KPMG’s global workforce grew by more than 4% in FY 17 to 197,263 people, the highest number of individuals ever employed across the network. More than 37,000 new graduates and other entry-level professionals joined KPMG.
In the firm’s 10 largest countries more than 450 people were promoted to partner, with 28% women. In FY17 KPMG admitted more than 250 experienced hire partners across the network, and. women now make up 47% of the KPMG network’s workforce.
Bill Thomas, chairman, KPMG International, said: ‘The KPMG network grew strongly while continuing to transform to meet the rapidly changing demands of clients. We are making significant, strategic investments across audit, tax and advisory in technology and innovative services where clients are facing their greatest challenges and disruption.
‘KPMG is continuing with a multi-year global investment program and this year invested more than $1bn in new services, technology, alliances and acquisitions, focused particularly on data and analytics, strategy, cyber security, digital labor and audit. This represents our most exciting, data-driven investment in the network and is transforming our technology capability and our operating model’.
Report by Pat Sweet
