KPMG UK has today published its annual results for the financial year ended 30 September 2021. The firm posted growth of 10%, with revenue rising from £2.14bn to £2.35bn, and profit before tax increasing from £288m to £436m.
While audit revenues grew by a steady 5%, the deal advisory part of the firm saw a 31% jump in revenue. However, the big news is that the consulting business (£646m), which saw revenue grow by 13% year-on-year, is now bigger than audit (£634 m)!
During the year KPMG completed the sale of its restructuring business and unveiled an ambitious transformation programme to invest in the firm. Partners voted overwhelmingly to back plans to retain and invest the £300m financial proceeds made from both the sales of the firm’s restructuring and pensions businesses, as part of a long-term growth strategy.
It all meant that the average partner pay jumped from £572,000 to £688,000 (the biggest pay day since 2014). CEO Jon Holt was paid £1.7 million and chair Bina Mehta received £879,000.
The firm also handed out £100m in bonuses to its 14,700 staff.
Jon Holt, Chief Executive of KPMG in the UK, said: “This is a resilient performance delivered against the challenging backdrop of the pandemic. I am immensely proud of our people. Over the past year they have delivered outstanding work for our clients, while supporting each other and playing a huge role in their local communities.”
He added: “We have begun the fundamental transformation of our UK business and our partners are united around our long-term vision for the firm. I am determined that, as a business, we will deal with and learn from our legacy issues, build trust in our profession and invest to deliver long-term, sustainable, growth.”
