KPMG a global network of professional firms providing Audit, Tax and Advisory services operating in 152 countries on Thursday 12th January 2012 announced that its member firm combined revenues for the fiscal year ending September 2011 totaled 2.7 billion a 10.1 percent increase in U.S. dollars, or 6.2 percent in local currency terms. KPMG said its “strong performance” spanned all geographic regions and “resulted from a strategic commitment across KPMG member firms to invest in priority high growth markets; to focus on key industries such as financial services, healthcare, government, infrastructure, and energy; and to expand our capabilities in high-demand service offerings including Management Consulting and Tax services”.
Michael J. Andrew, Chairman of KPMG International said “To achieve double-digit growth in such a tough environment shows that we have the right strategy,” adding “We achieved this by focusing on fundamentals and organic growth and making common investments in our strategic priorities.” KPMG also disclosed that it recorded “strong growth across all functions”. Audit revenues it said “rebounded to grow 5.8 percent in U.S. dollars, or 1.8 percent in local currency terms, to US$10.48 billion against strong competition in the marketplace and a difficult business environment”.
Tax revenues it revealed also “grew 13 percent in U.S. dollars, or 8.5 percent in local currency terms, to US$4.69 billion. Advisory revenues rose and was slated at “14.8 percent in U.S. dollars, and 11.2 percent in local currency terms, to $7.54 billion”. KPMG also reported that its “revenues grew across all KPMG’s geographic regions, with gains in U.S. dollars of 16.6 percent in Asia Pacific, 10.7 percent in the Americas, and 7.7 percent in Europe, the Middle East, Africa, and India” furthering that “much of the growth came from high growth markets, with India growing at 25 percent and Brazil at 22 percent in local currency terms”. On its investments in building teams and strengthening capabilities; KPMG said it made “significant” investments in China, where revenue “grew 12.9 percent in local currency terms”. The firm also established a team in China to “support KPMG China now operating in 41 member firms” and said it “advised on three of the four largest China outbound merger and acquisition transactions”.
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