Cyprus & World News

KPMG global revenues jump to USD23 bn

16 January, 2013

Growth across all service lines

KPMG International (KPMG), the global network of professional firms providing Audit, Tax and Advisory services, announced record-high combined revenues of US$23.03 bn for the fiscal year ending 30 September 2012, a 4.4% increase over the previous year in local currency terms. When adjusted to US dollars, revenues increased by 1.4%, reflecting the relative strength of the US currency. At a time of ongoing global economic challenges, the growth reflects KPMG’s continued strategic focus on investments in emerging markets and key service areas, as well as aggressive recruitment of top talent.
Michael J. Andrew, Chairman of KPMG International, commented:
"2012 was a year of two distinct halves; with growth strongest at 6.4% in the first six months of the year and relatively weaker growth of 2.1% in the six months to September. Growing our business against such a challenging economic backdrop is testament to the quality of our people and the strength of their relationships with clients."
Advisory revenues grew by 8.3%, to $7.86 bn; Tax revenues grew by 6.3%, to $4.86 bn; and Audit revenues grew by 0.9%, to $10.31 bn.
In addition to investing in its global audit platform and emerging markets, KPMG also focused on bolstering advisory and tax services. Michael noted that KPMG "will continue to make acquisitions that will help build market-leading positions and capabilities in key areas that are important to clients, as we have done in shared services and outsourcing advisory and indirect tax compliance services."

Top talent
Recruiting top talent continued to remain a priority. Over the year, KPMG increased its global workforce by over 5%, to more than 152,000 partners and staff, the highest number of individuals ever employed across the network. More than 450 new partners were appointed, bringing the number of partners across the network to more than 8,600, another record. KPMG recruited more than 18,000 graduates over this period and will recruit 60,000 more over the next three years, the highest planned recruitment levels in KPMG's history. With its strong focus on training and advancement, KPMG has become one of the top tier employers in the business community.
Other highlights:
- KPMG continued to invest in its global Centers of Excellence for Financial Services, Government & Infrastructure, Healthcare and Management Consulting.
- KPMG's firms now serve more than 82% of the Global Fortune 500 list of companies.
- KPMG reinforced its commitment to sustainability, and won the prestigious International Accounting Bulletin "Sustainable Firm of the Year" award.

Commenting on the company’s performance in Cyprus, KPMG Chief Executive in Cyprus Andreas Christofides, noted that despite the very adverse economic conditions that prevailed in the Cypriot market throughout 2011-2012, the results of KPMG Cyprus were satisfactory. “Drawing upon the excellent skills, the top-notch professionalism and the loyalty of 800 and more members of staff across the country, along with the solid trust and collaboration we have nurtured with our clients, we look forward to the enormous challenges expected in 2013 with confidence and certainty. At the same time we remain as ever committed to our social responsibility functions, pledging to continue to constantly upgrade our presence in Cypriot society”.