Powered by MOMENTUM MEDIA
accountants daily logo

KPMG grows revenue 16% to hit $2.3bn

Business

The result was led by its management consulting and audit, assurance and risk consulting businesses.

By Josh Needs 9 minute read

KPMG has rebounded from the pandemic with revenue up 16 per cent – compared with 9 per cent growth last year – and overall profitability up 8 per cent. 

KPMG chief executive Andrew Yates said that the firm had achieved record financial performance over the past 12 months in the aftermath of COVID. 

“The result reflects a remarkable effort by our teams and what we’ve achieved together, delivering impact for our clients through an amazing breadth of work,” said Mr Yates.  

“I’m very pleased that we’ve cemented strong partner profit growth on pre-COVID levels and strengthened the reward for our people.

“All our operating businesses reported impressive growth, reinforcing the benefits of our refreshed strategy, and our multidisciplinary offering for clients.” 

KPMG’s management consulting, and audit, assurance and risk consulting businesses led the way, achieving $666 million and $644 million in revenue respectively. 

The results in these businesses were a step-up from the previous financial year where management consulting brought in $629 million and audit, assurance and risk consulting only $590 million. 

The other businesses within the firm also saw considerable growth as infrastructure, assets and places grew almost 22 per cent to $164 million, enterprise rose 20 per cent to $293 million and deals, tax and legal achieved the third-highest revenue of $412 million up 7 per cent. 

KPMG also highlighted a 25 per cent increase in its workforce, to 12,238 employees, with new offices in Townsville and Newcastle. 

It promoted a record number of new partners at 125, up 70 per cent, and took in 749 graduates, up 26 per cent. It also reduced the gender pay gap in the company to 2.3 per cent.

“I’m particularly proud of the progress made enhancing the employment experience of our people,” said Mr Yates.

“We’ve taken great strides forward this year, including investing heavily in new job opportunities, remuneration and bonuses following our firmwide review.

“Transparency around how we pay our people and how they can progress their careers with us has been improved and we introduced popular ‘Work from Anywhere’ and 26-week flexible parental leave policies and launched our future-skills-focused eclipse learning academy.” 

The $2.34 billion revenue result puts KPMG behind competitors EY, which achieved $2.75 billion, and Deloitte at $2.5 billion. PwC’s figures have still to be announced.

You need to be a member to post comments. Become a member for free today!
Josh Needs

Josh Needs

AUTHOR

Josh Needs is a journalist at Accountants Daily and SMSF Adviser, which are the leading sources of news, strategy, and educational content for professionals in the accounting and SMSF sectors.

Josh studied journalism at the University of NSW and previously wrote news, feature articles and video reviews for Unsealed 4x4, a specialist offroad motoring website. Since joining the Momentum Media Team in 2022, Josh has written for Accountants Daily and SMSF Adviser.

You can email Josh on: This email address is being protected from spambots. You need JavaScript enabled to view it.

You are not authorised to post comments.

Comments will undergo moderation before they get published.

accountants daily logo Newsletter

Receive breaking news directly to your inbox each day.

SUBSCRIBE NOW