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The result was led by its management consulting and audit, assurance and risk consulting businesses.
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KPMG grows revenue 16% to hit $2.3bn
09 August 2022
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KPMG has rebounded from the pandemic with revenue up 16 per cent – compared with 9 per cent growth last year – and overall profitability up 8 per cent.
KPMG chief executive Andrew Yates said that the firm had achieved record financial performance over the past 12 months in the aftermath of COVID.
“The result reflects a remarkable effort by our teams and what we’ve achieved together, delivering impact for our clients through an amazing breadth of work,” said Mr Yates.
“I’m very pleased that we’ve cemented strong partner profit growth on pre-COVID levels and strengthened the reward for our people.
“All our operating businesses reported impressive growth, reinforcing the benefits of our refreshed strategy, and our multidisciplinary offering for clients.”
KPMG’s management consulting, and audit, assurance and risk consulting businesses led the way, achieving $666 million and $644 million in revenue respectively.
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The results in these businesses were a step-up from the previous financial year where management consulting brought in $629 million and audit, assurance and risk consulting only $590 million.
The other businesses within the firm also saw considerable growth as infrastructure, assets and places grew almost 22 per cent to $164 million, enterprise rose 20 per cent to $293 million and deals, tax and legal achieved the third-highest revenue of $412 million up 7 per cent.
KPMG also highlighted a 25 per cent increase in its workforce, to 12,238 employees, with new offices in Townsville and Newcastle.
It promoted a record number of new partners at 125, up 70 per cent, and took in 749 graduates, up 26 per cent. It also reduced the gender pay gap in the company to 2.3 per cent.
“I’m particularly proud of the progress made enhancing the employment experience of our people,” said Mr Yates.
“We’ve taken great strides forward this year, including investing heavily in new job opportunities, remuneration and bonuses following our firmwide review.
“Transparency around how we pay our people and how they can progress their careers with us has been improved and we introduced popular ‘Work from Anywhere’ and 26-week flexible parental leave policies and launched our future-skills-focused eclipse learning academy.”
The $2.34 billion revenue result puts KPMG behind competitors EY, which achieved $2.75 billion, and Deloitte at $2.5 billion. PwC’s figures have still to be announced.
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