KPMG International said Monday that its member firms around the world achieved a total of $22.7 billion for the fiscal year ending Sept. 30, 2011.
Worldwide, that represented a 10.1 percent increase in annual revenues in U.S. dollar terms, or 6.2 percent in terms of local currencies.
KPMG said it experienced strong growth across all geographic regions, particularly in the firm’s priority high-growth markets. India grew 25 percent and Brazil 22 percent in terms of the local currency.
The firm saw gains of 16.6 percent in Asia Pacific, 10.7 percent in the Americas, and 7.7 percent in Europe, the Middle East, Africa, and India, in U.S. dollar terms.
Revenue in China grew 12.9 percent in local currency terms. KPMG has also focused its attention on China to a greater extent. KPMG International has also established a team in China to support KPMG China practices that now operate in 41 of its member firms. KPMG has also advised on three of the four largest China merger and acquisition transactions.
“To achieve double-digit growth in such a tough environment shows that we have the right strategy,” said KPMG International Chairman Michael J. Andrew. “We achieved this by focusing on fundamentals and organic growth and making common investments in our strategic priorities.” In October, he moved his offices to Hong Kong to underscore the firm’s commitment to Asia.
Other firms in the Big Four such as PwC and Deloittee have also reported increases in global revenues oer the past year, a sign of the gradually recovering economy (see PwC Regains Top Rung in Global Revenues and Deloitte Sees Record Revenues Despite Economy). PwC reported $29.2 billion in global revenue, while Deloitte reported $28.8 billion, and Ernst & Young reported $22.9 billion, putting KPMG in fourth place.
Over the past year, KPMG has focused on growing in industries such as financial services, health care, government, infrastructure, and energy, and to expand its management consulting and tax services.
Other services saw growth over the past year as well. Audit revenues rebounded to grow 5.8 percent in U.S. dollars, or 1.8 percent in local currency terms, to US$10.48 billion, despite strong competition in the marketplace and a difficult business environment.
Tax revenues grew 13 percent in U.S. dollars, or 8.5 percent in local currency terms, to US$4.69 billion. Advisory revenues rose 14.8 percent in U.S. dollars, and 11.2 percent in local currency terms, to $7.54 billion.
KPMG’s management consulting practice achieved revenue growth of 29 percent in U.S. dollars (or 24 percent in local currency terms) and has become, on a combined basis, a $2 billion business in just six years. The acquisition of EquaTerra boosted KPMG’s standing in the market for shared services and outsourcing advisory services.