KPMG’s global results reveal a pre-pandemic growth rate of 5% had been cut to -1% by the end of the financial year, which finished with KPMG firms’ annual aggregated revenues standing at $29.22bn, compared to $29.75bn the previous year
The global organisation said the fiscal year ending 30 September 2020 had a strong start but gross revenue growth slowed in the second half, although overall billable hours and net sales increased throughout the financial year.
Fastest growing region was Asia-Pacific, with revenues of $5.26bn, marking a 3% rise. Australia saw particularly strong growth with the economy starting to emerge from the Covid-19 crisis and continuing to invest in areas like digital transformation.
In Europe, Middle East and Africa (EMA), including India, revenues reached $12.74bn, largely unchanged from the previous year, while the Americas posted $11.22bn in revenues, a 3% drop. Audit revenues for the year globally were flat, reaching a total of $11.07bn.
The other two service lines saw a 1% dip in revenues compared with the previous 12 months, with tax and legal services posting total global revenues of $6.48bn, and advisory achieving global total revenues of $11.67bn.
KPMG International operates in 146 countries and territories and in FY20 had close to 227,000 people working in member firms around the world.
Bill Thomas, KPMG International global chairman and CEO, said: ‘In this time of transformative change, we continue with our multi-year $5bn investment in technology, innovation and people to deliver quality and global consistency in everything we do to create powerful solutions for clients.
‘The trend to digitalization has been accelerated by the pandemic. This is the case for our clients’ businesses as well as all of our services across audit, tax and legal, and advisory.
‘We are innovating and working closely with our strategic alliances to help clients digitally transform their businesses as well as continuing to develop and roll out our own digital platforms.’