KPMG sees global revenue increase 6.2% to $29.75B
KPMG reported that its global revenues across its international network of firms grew to $29.75 billion in the fiscal year ending Sept. 30, 2019, an increase of 6.2 percent in local currency terms compared to fiscal year 2018.
Audit revenue grew 3.7 percent, while tax and legal services revenue grew 7.8 percent. The largest increase was in advisory services, which grew 7.9 percent, bolstered by double-digit growth in deal-related services and digital transformation.
“We are pleased to have achieved strong growth during an important transitional year for KPMG as we focus on making significant investments as part of our multi-year collective strategy implementation,” said KPMG International Global Chairman and CEO Bill Thomas in a statement Wednesday. “In addition to our enduring focus on quality and trust we’re also enhancing our leadership position in the digital transformation of professional services through an expected investment of $5 billion in innovation, people and technology over the coming five years. This will accelerate the digital transformation of KPMG and enable us to better serve clients as they continue to address their own transformations.”
KPMG also saw growth across all its geographic regions of the world, with the Asia Pacific region seeing the biggest growth of 9.3 percent, driven by 14.1 percent growth in advisory services. The Americas region grew too, by 6.6 percent, while the Europe, Middle East, Africa, and India region grew 4.7 percent. However, the firm’s U.K. member firm also saw a 14 percent drop in profits as it restructured after a series of accounting scandals at audit clients suchas Carillion and Conviviality, according to the Financial Times.
KPMG also saw positive growth across each of its industry sectors: financial services (3.9 percent), industrial markets (4.5 percent), consumer markets (4.5 percent), technology, media and telecommunications (8.1 percent), and infrastructure, government and health care (10.8 percent).
Total headcount at KPMG grew by more than 219,000 people across 147 countries and territories. Employees volunteered approximately 550,000 hours of time in the past year, including 100,000 hours of pro-bono professional services.