SYS-CON MEDIA Authors: Pat Romanski, Sean Houghton, Glenn Rossman, Ignacio M. Llorente, Xenia von Wedel

News Feed Item

KPMG 2012 Revenues Reach US$23 Billion

Growth seen across all service lines and industries

HONG KONG, Dec. 12, 2012 /PRNewswire/ -- KPMG International (KPMG) today announced record-high combined revenues of US$23.03 billion for the fiscal year ending 30 September 2012, representing 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 dollar.  At a time of ongoing global economic challenges, the growth reflects our continued strategic focus on investments in emerging markets and key service areas, as well as aggressive recruitment of top talent.  In the latest Universum rankings, business students from leading universities around the world voted KPMG as one of the most attractive employers for the third consecutive year, ranking second overall and highest among the Big 4 firms.

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."

KPMG recorded increased revenues across all functions with particularly strong growth generated in Financial Services, Industrial Markets and Infrastructure, Government and Healthcare.  Advisory revenues grew by 8.3%, to $7.86 billion; Tax revenues grew by 6.3%, to $4.86 billion; and Audit revenues grew by 0.9%, to $10.31 billion.    

"The growth in Advisory and Tax underlines the strength of client demand for professional services," said Michael.  "On the Audit side, the market has never been more competitive and we are focused on continuing to improve audit quality, as evidenced by our significant investments in our global audit platform that surpassed $50 million, in addition to the $100 million invested over the past several years. KPMG member firms are also actively engaged with their regulators around the world in constructive dialogue, with the goal of continuing to improve audit quality."

At a regional level, the Americas delivered strong growth for the year, with revenues rising by 7%.  The Europe, Middle East and Africa region reported increased revenues of 4% across the region, despite the ongoing economic uncertainty caused by the Eurozone crisis.  The Asia Pacific region reported revenue growth of 1.1%, reflecting subdued growth in North Asia.

KPMG's commitment to investment in rapidly growing economies was reflected by exceptional annual growth of 20% or more at KPMG firms in Argentina, Brazil, Chile, India and Turkey. Revenue growth was also strong in Africa and Indonesia, rising by more than 10% in each area over the last fiscal year.  The decision to convert our Chinese member firm from a joint venture to a special general partnership was also a bold step and will enable KPMG's Chinese firm to continue to contribute to the development of the Chinese accounting profession.

"I am proud that our Chinese member firm has grown from 30 employees only 20 years ago to 9,000 partners and staff today, with significant potential for future growth," said Michael.  "Opening a new KPMG office in Myanmar last month was a sign of our commitment to helping to rebuild that country's economy, and to playing a leading role in the economic development of the region."  KPMG also established member firms in Iraq and Mongolia during the course of the year and now operates in 156 countries.  The decision to locate KPMG's chairman in Asia is a further indication of the commitment to the important role of this region in the global economy.

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, as well as in procurement and supply chain management, through our recent acquisition of BrainNet.  We are making these investments to help provide the highest quality, most innovative services to clients." He added, "I'm confident the investments we are making will create growth and career advancement opportunities for our professionals."

Recruiting top talent remained a priority in FY12. Over the course of 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 over the year, bringing the number of partners across the network to more than 8,600, another record. KPMG recruited more than 18,000 graduates last year and plans to recruit a further 60,000 graduates over the next three years, marking 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 FY12 highlights:

  • KPMG in China consolidated its leading position in M&A consulting by advising on three of the four largest Chinese business outbound merger and acquisitions during the course of the year.
  • KPMG's Management Consulting practice, part of the Advisory business, achieved growth of 15% for the year and has grown to a business with revenues of $2.2 billion in just seven years.
  • KPMG continued to invest in its global Centers of Excellence for Financial Services, Government & Infrastructure, Healthcare and Management Consulting.  The Centers bring together KPMG experts with specialized skills and expertise to bring solutions to assist clients in navigating the fast-changing and complex business environment.
  • KPMG's firms now serve more than 82% of the Global Fortune 500 list of companies.
  • KPMG reinforced its commitment to sustainability by winning the prestigious International Accounting Bulletin "Sustainable Firm of the Year" award.
  • KPMG has for the first time issued its International Annual Review, Transparency Report and Communication on Progress towards the UN Global Compact goals along with the network's financial results.

About KPMG International

KPMG is a global network of professional firms providing Audit, Tax and Advisory services. We operate in 156 countries and have more than 152,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

The financial information set forth on these pages represents combined – not consolidated – information of the separate member firms of KPMG International that performed professional services for clients and is combined here solely for presentation purposes.  KPMG International performs no professional services for clients.

For further information, please contact:

Brian Bannister, Head of Global Communications
[email protected]

Americas:
Seth Oster, Chief Communications Officer, KPMG U.S.
Tel +1 201 307 8644
[email protected]

Europe, Middle East, Africa, South Asia, (EMA):
Gavin Houlgate, Director of Communications
Tel + 44 207 694 3902  
[email protected]

Asia Pacific:
Nina Mehra, Head of Media, KPMG China
Tel +852 2140 2824
[email protected]

Notes to editors:

Combined revenues of KPMG member firms by region (U.S. $ billion)

KPMG regions

2011

 

2012

 

Comparison in

local currency

Comparison in

US dollars (%)

America

7.05

7.45

7.0%

5.7%

Asia Pacific

4.00

4.07

1.1%

1.8%

Europe, Middle East, Africa*

11.66

11.51

4.0%

(1.3%)

Total

22.71

23.03

4.4%

1.4%

Combined revenues of KPMG member firms by service line (U.S. $ billion)

KPMG services

2011

2012

Comparison in

local currency

Comparison in

US dollars (%)

Audit

10.48

10.31

0.9%

(1.6%)

Tax

4.69

4.86

6.3%

3.6%

Advisory

7.54

7.86

8.3%

4.2%

Total

22.71

23.03

4.4%

1.4%

Combined average headcount (FTE) of KPMG member firms


2011

2012

Change

Partners

8,150

8,624

5.8%

Professionals

110,730

117,190

5.8%

Administration

25,797

26,576

3.0%

Total

144,677

152,390

5.3%

*Includes India

The following global reports have also been issued by KPMG International today: 

KPMG International Annual Review:
The International Annual Review reflects on our record of achievement over the past fiscal year and outlines the platform for growth that we have developed by: sharpening our focus on high growth markets, enhancing our ability to deliver a consistently high level of client service, enriching our service capabilities in key functional areas, growing our headcount in priority markets and sectors, and acting with integrity and quality in everything we do. kpmg.com/annualreview 

KPMG International Transparency Report:
This report provides insights and details on how we continually strive to enhance audit quality, which is a direct reflection of our network's unwavering commitment to audit quality, an integral element of our business and culture. The report is available to clients or potential clients, regulators, policy makers and any other stakeholders with an interest in the KPMG network. kpmg.com/transparency

UN Global Compact – 2012 Communication on Progress:
KPMG International has been a signatory to the United Nations Global Compact since 2002.  Participation demonstrates our commitment to advancing the business agenda as an active corporate citizen.  It is an opportunity to explain how the professionalism, experience and values of KPMG member firms can contribute to a wider movement for more responsible, legal and ethical behavior.  All signatories are required to produce a 'Communication on Progress' report which describes the ways in which they are implementing the ten principles of the Compact and supporting broader development objectives.  kpmg.com/cop 

SOURCE KPMG International

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
“We help people build clusters, in the classical sense of the cluster. We help people put a full stack on top of every single one of those machines. We do the full bare metal install," explained Greg Bruno, Vice President of Engineering and co-founder of StackIQ, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
AppZero has announced that its award-winning application migration software is now fully qualified within the Microsoft Azure Certified program. AppZero has undergone extensive technical evaluation with Microsoft Corp., earning its designation as Microsoft Azure Certified. As a result of AppZero's work with Microsoft, customers are able to easily find, purchase and deploy AppZero from the Azure Marketplace. With just a few clicks, users have an Azure-based solution for moving applications to the...
SYS-CON Events announced today Isomorphic Software, the global leader in high-end, web-based business applications, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Isomorphic Software is the global leader in high-end, web-based business applications. We develop, market, and support the SmartClient & Smart GWT HTML5/Ajax platform, combining the productivity and performance of traditional desktop software ...
The cloud is becoming the de-facto way for enterprises to leverage common infrastructure while innovating and one of the biggest obstacles facing public cloud computing is security. In his session at 15th Cloud Expo, Jeff Aliber, a global marketing executive at Verizon, discussed how the best place for web security is in the cloud. Benefits include: Functions as the first layer of defense Easy operation –CNAME change Implement an integrated solution Best architecture for addressing network-l...
“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The BPM world is going through some evolution or changes where traditional business process management solutions really have nowhere to go in terms of development of the road map. In this demo at 15th Cloud Expo, Kyle Hansen, Director of Professional Services at AgilePoint, shows AgilePoint’s unique approach to dealing with this market circumstance by developing a rapid application composition or development framework.
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com...
"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The move in recent years to cloud computing services and architectures has added significant pace to the application development and deployment environment. When enterprise IT can spin up large computing instances in just minutes, developers can also design and deploy in small time frames that were unimaginable a few years ago. The consequent move toward lean, agile, and fast development leads to the need for the development and operations sides to work very closely together. Thus, DevOps become...
SYS-CON Media announced today that Aruna Ravichandran, VP of Marketing, Application Performance Management and DevOps at CA Technologies, has joined DevOps Journal’s authors. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done. Aruna's inaugural article "Four Essential Cultural Hacks for DevOps Newbies" discusses how to demonstrate the...
"Our premise is Docker is not enough. That's not a bad thing - we actually love Docker. At ActiveState all our products are based on open source technology and Docker is an up-and-coming piece of open source technology," explained Bart Copeland, President & CEO of ActiveState Software, in this SYS-CON.tv interview at DevOps Summit at Cloud Expo®, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Verizon Enterprise Solutions is simplifying the cloud-purchasing experience for its clients, with the launch of Verizon Cloud Marketplace, a key foundational component of the company's robust ecosystem of enterprise-class technologies. The online storefront will initially feature pre-built cloud-based services from AppDynamics, Hitachi Data Systems, Juniper Networks, PfSense and Tervela. Available globally to enterprises using Verizon Cloud, Verizon Cloud Marketplace provides a one-stop shop fo...
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, p...
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover ...

ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ --  IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's