KPMG International has announced record aggregated network revenues of $29bn (£22.9bn) for the fiscal year ending 30 September 2018, with a 7.1% increase on the previous year in local currency terms
Advisory was the fastest growing of KPMG’s three functions, up by 9.9%, compared to a 6% rise the previous year. The firm said audit and tax services also increased their growth compared to FY17.
Audit revenues for the year grew globally by 4.8% to $11.15bn, up from $10.39bn and 3.1% growth in the year prior. The 5.7% audit growth in EMA was the strongest this decade.
Tax revenues grew 6.3% in FY18 to $6.34bn up from 5.9% growth in FY17, driven by strong demand for tax compliance services and further enhanced by domestic and international tax advisory services. Also performing strongly were transfer pricing and VAT & sales tax advisory.
KPMG firms grew across all three geographic regions. Americas revenues grew 6.2% in FY18, up from 4.4% in FY17; while Asia Pacific delivered strong growth with revenues increasing 8.7% in FY18, an increase on the 8.1% recorded in FY17. In Europe, Middle East and Africa (EMA, including India) revenues increased 7.3% in FY18, up from 4% in FY17.
There were more than 55,000 new hires during the year, including 39,000 new graduates and other entry level professionals, with almost 10,000 new jobs created, taking the global workforce to a record-high of 207,000 people.
Bill Thomas, chairman of KPMG International, said: ‘KPMG is continuing with a multi-year global investment program, investing more than $4bn in innovative new services, technology, and acquisitions over the next four years.
‘This investment program is focused on transformative technologies, such as artificial intelligence and intelligent automation, cyber security, and our intelligent audit and tax platforms.
‘Just as we are working with our clients around the world to transform their businesses, we’re also harnessing the power of digital transformation to drive our growth and raise the level of efficiency, innovation and quality.’
Report by Pat Sweet