Welcome!

News Feed Item

KPMG 2012 Revenues Reach US$23 Billion

- Growth seen across all service lines  and industries

- Bolstered by strategic investments in key service areas, emerging markets and talent recruitment

HONG KONG, Dec. 13, 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

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
Charles Araujo is an industry analyst, internationally recognized authority on the Digital Enterprise and author of The Quantum Age of IT: Why Everything You Know About IT is About to Change. As Principal Analyst with Intellyx, he writes, speaks and advises organizations on how to navigate through this time of disruption. He is also the founder of The Institute for Digital Transformation and a sought after keynote speaker. He has been a regular contributor to both InformationWeek and CIO Insight...
For better or worse, DevOps has gone mainstream. All doubt was removed when IBM and HP threw up their respective DevOps microsites. Where are we on the hype cycle? It's hard to say for sure but there's a feeling we're heading for the "Peak of Inflated Expectations." What does this mean for the enterprise? Should they avoid DevOps? Definitely not. Should they be cautious though? Absolutely. The truth is that DevOps and the enterprise are at best strange bedfellows. The movement has its roots in t...
DXWorldEXPO LLC, the producer of the world's most influential technology conferences and trade shows has announced the 22nd International CloudEXPO | DXWorldEXPO "Early Bird Registration" is now open. Register for Full Conference "Gold Pass" ▸ Here (Expo Hall ▸ Here)
Join IBM November 1 at 21st Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Cognitive analysis impacts today’s systems with unparalleled ability that were previously available only to manned, back-end operations. Thanks to cloud processing, IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Imagine a robot vacuum that becomes your personal assistant tha...
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, provided a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services with...
Containers are rapidly finding their way into enterprise data centers, but change is difficult. How do enterprises transform their architecture with technologies like containers without losing the reliable components of their current solutions? In his session at @DevOpsSummit at 21st Cloud Expo, Tony Campbell, Director, Educational Services at CoreOS, will explore the challenges organizations are facing today as they move to containers and go over how Kubernetes applications can deploy with lega...
In their session at @DevOpsSummit at 21st Cloud Expo, Michael Berman, VP Engineering at TidalScale, and Ivo Jimenez, Engineer at TidalScale, will describe how automating tests in TidalScale is easy thanks to WaveRunner. They will show how they use WaveRunner, Jenkins, and Docker to have agile delivery of TidalScale. Michael Berman is VP Engineering at TidalScale. TidalScale is developing a scale up compute and resource architecture for customers to perform big data exploration and real time anal...
I think DevOps is now a rambunctious teenager - it's starting to get a mind of its own, wanting to get its own things but it still needs some adult supervision," explained Thomas Hooker, VP of marketing at CollabNet, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"With Digital Experience Monitoring what used to be a simple visit to a web page has exploded into app on phones, data from social media feeds, competitive benchmarking - these are all components that are only available because of some type of digital asset," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
The “Digital Era” is forcing us to engage with new methods to build, operate and maintain applications. This transformation also implies an evolution to more and more intelligent applications to better engage with the customers, while creating significant market differentiators. In both cases, the cloud has become a key enabler to embrace this digital revolution. So, moving to the cloud is no longer the question; the new questions are HOW and WHEN. To make this equation even more complex, most ...
Recently, WebRTC has a lot of eyes from market. The use cases of WebRTC are expanding - video chat, online education, online health care etc. Not only for human-to-human communication, but also IoT use cases such as machine to human use cases can be seen recently. One of the typical use-case is remote camera monitoring. With WebRTC, people can have interoperability and flexibility for deploying monitoring service. However, the benefit of WebRTC for IoT is not only its convenience and interopera...
Learn how to solve the problem of keeping files in sync between multiple Docker containers. In his session at 16th Cloud Expo, Aaron Brongersma, Senior Infrastructure Engineer at Modulus, discussed using rsync, GlusterFS, EBS and Bit Torrent Sync. He broke down the tools that are needed to help create a seamless user experience. In the end, can we have an environment where we can easily move Docker containers, servers, and volumes without impacting our applications? He shared his results so yo...
Creating replica copies to tolerate a certain number of failures is easy, but very expensive at cloud-scale. Conventional RAID has lower overhead, but it is limited in the number of failures it can tolerate. And the management is like herding cats (overseeing capacity, rebuilds, migrations, and degraded performance). In his general session at 18th Cloud Expo, Scott Cleland, Senior Director of Product Marketing for the HGST Cloud Infrastructure Business Unit, discussed how a new approach is neces...
"This week we're really focusing on scalability, asset preservation and how do you back up to the cloud and in the cloud with object storage, which is really a new way of attacking dealing with your file, your blocked data, where you put it and how you access it," stated Jeff Greenwald, Senior Director of Market Development at HGST, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.