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KPMG has recorded its sixth sequential year of growth, boasting a 9 per cent increase in revenue as it attributes its success to the uptake in risk and compliance services in the wake of the royal commission.
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KPMG credits royal commission fallout for strong FY19 results
13 August 2019
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KPMG has announced a 9 per cent increase in revenue to $1.78 billion, for the 12 months to 30 June 2019, up from $1.64 billion last year.
KPMG chief executive Gary Wingrove said key contributors to the growth included supporting financial services clients post the royal commission, which saw a strong demand for risk, compliance and remediation services.
The big four firm’s acquisition of national insolvency firm Ferrier Hodgson also contributed to its deals, tax and legal division growth, with 21 partners added to the mix.
KPMG recently announced its new partner intake for 2019, with 104 new partners named, up from 78 from the year before.
The proportion of women partners grew to 28 per cent, tracking well against the firm’s target of 30 per cent women in partnership by December 2020.
“What was particularly pleasing was the spread of activities across all parts of KPMG, reflecting the success of our diversified capabilities strategy and our ability to integrate new areas to the business,” Mr Wingrove said.
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“During the year, our clients nominated their top concerns as dealing with the challenges of digital transformation, innovation/disruption, regulation and political paralysis. Looking back, these issues provided the playbook driving demand for our services over the past 12 months.”
Mr Wingrove also noted the “healthy growth” in its audit, assurance and risk consulting practice, noting the establishment of a dedicated Australian Audit Quality team as it invests in audit quality.
The acquisition of technology and digital firm LOVE Agency also contributed to its growth in management consulting.
Off the back of its results, KPMG has also announced the unanimous decision by the board to reappoint Mr Wingrove as CEO for another term, extending his current six-year term to 30 June 2021.
“The board is very proud of our results under Gary’s stewardship, and I sincerely thank everyone at KPMG for contributing. Importantly, a healthy, growing business allows us to invest to support the careers of our people, and the future needs of our clients and communities,” said KPMG Australia chair Alison Kitchen.
“I am energised by the level of change and disruption taking place in the business sector and believe those who are resilient and open-minded are best placed to succeed.
“Irrespective of size or the sector, businesses are increasingly placing greater emphasis on reviewing their purpose to determine how best to engage customers, employees and the community, at the same time as enhancing productivity.”
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