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KPMG Australia has announced increased profitability for the year ended 30 June 2014, crediting a new “proactive investment strategy” for the success.
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KPMG announces 2013/2014 results
18 August 2014
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The result is up slightly on prior years thanks to strong growth recorded in the second half of the year.
The firm announced revenues for the year of $1.12 billion with Advisory contributing 47 per cent, followed by Audit (35 per cent) and tax (18 per cent).
According to KPMG, the firm embarked on a proactive investment strategy during the year, including the creation of dedicated investment funding, with investment focused on both business and talent acquisition.
Acquisitions included a social media risk consulting firm, SR7; a boutique mining consultancy, Momentum Partners; and a Karratha-based accounting practice. More active opportunities are in the pipeline, according to the firm.
KPMG also invested substantially in new capabilities, including hiring the senior Melbourne team of boutique strategy consultancy Pacific Strategy Partners, and senior specialists to the tax practice, including posting a new Australian tax partner in Singapore.
Thirty-eight new partners and executive directors were appointed during the year, up from 35 last year, reflecting investment across all divisions. Twenty-four percent of new partners were women, with a healthy female representation in the future-partner pipeline.
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Peter Nash, chairman of KPMG Australia, said globally, there is unprecedented focus by the firm on investment, and aligning member countries to pursue common growth areas.
“Six new investment streams have recently been identified including cyber security, strategy and data and analytics.”
“We are actively involved in an innovative global investment fund created to accelerate clients’ ability to unlock the tangible value of their big data. As part of this initiative, our Australian management consulting team is building a global customer experience analytics tool.”
Mr Nash said the outlook is positive for the firm, with a slow first half of 2013/2014 giving way to a much stronger second half of the year.
“We can see this positive momentum already flowing into the new financial year.”
“We believe this reflects well on our new strategy and leadership team. We have a very strong pipeline of opportunities and combined with our investment plans, we expect to achieve substantial topline growth this financial year,” Mr Nash said.
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