KPMG Report GBP1.6 Billion-Topping Revenues

Tue, 18 Dec 2007

Accountancy giant KPMG have announced a turnover of £1.6 billion, an increase of 11 per cent on the previous year’s £1.45bn figures, despite the market being hit by the credit crunch.

The firm said its UK staff will share £100m in bonuses this Christmas, which the firm claims is "the most substantial bonus pool of all UK accounting firms" and is dedicated to all members of staff who are not partners .

KPMG’s overall profit for the year rose by 20 per cent from 2006 to £447m, while its partners also recorded a profitable year with a 19 per cent average increase in profit per partner to £806,000, up from £680,000 in 2006.

The firm’s audit, tax and advisory services also experienced turnover growth with 6 per cent, 11 per cent, and 13 per cent increases respectively.

Colin Cook, the firm's chief executive, admitted the first effects of the credit crunch were beginning to be felt.

"Conditions have changed…they're not the same for M&A as they were six to nine months ago. August was clearly a big problem."

"Between August and now, people have begun to understand the extent of the credit crunch and seeing conditions which are, broadly speaking, benign, turning around gradually."

"Now there are particularly fewer buyout transactions, as there's a shortage of acquisition finance for them," Cook added.

KPMG is the first company to report figures for the credit crisis-hit period, with numbers to the end of September.
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