08 Feb 2024

Finance firm records strong revenue growth

Andy Bostock - KPMG.jpg

Audit, advisory and tax firm KPMG UK has recorded a strong revenue growth of 9 per cent to £2.96 billion.

The firm has a strong presence in the Midlands, with over 1400 colleagues based in the region.

Last year KPMG UK promoted 83 colleagues across its Birmingham and Nottingham offices, with a further 156 joining the firm as graduates and apprentices, reflecting the firm’s commitment to training the next generation of leaders and having a strong presence in the region.

Andy Bostock (pictured), KPMG UK’s Birmingham Office senior partner said: “It has been fantastic to see many of our people progressing into new roles and being able to welcome new colleagues into the profession.

“Looking ahead, we’ll be investing in refreshing our Birmingham office to better suit the needs of our growing colleague population and providing them with a comfortable space to collaborate and support our clients.

“As a major employer, we are proud of the role we play in training the next generation of industry leaders. We're committed to breaking down the barriers that hinder access to our profession and supporting the talent of tomorrow. 

“Throughout the year we’ve been hosting school and college students via our Opening Doors to Opportunities programme to help them consider their own career paths.

“The West Midlands region is continuing to evolve, and we’ve seen some significant developments in our transport infrastructure, which will go a long way in expanding investment routes.

“Ongoing economic and geopolitical pressures presented challenges for the deals market over the past year, but businesses in the region are resilient and the pipeline of clients under engagement is slowly growing, hinting at a more positive dealmaking landscape to come.”

KPMG’s Local Business Pulse Index (LBPI) presents forward-looking and data-led insights on the UK’s economic geography.

Nationally, KPMG in the UK recorded another year of strong revenue growth, with a rise of 9 per cent from £2.72bn to £2.96bn. 

Increased client demand for advice on tax transformation and the use of Generative AI from the firm’s tax and legal business delivered an 8 per cent increase in net sales.

KPMG’s consulting arm also recorded an increase in sales of 7 per cent, with clients seeking advice on a range of transformation projects including digitisation. The firm’s audit practice grew 19 per cent, driven by expanded reporting requirements. 

The wider slowdown in the global deals market and challenging UK market conditions in the firm’s fourth quarter of financial reporting saw deal advisory sales decrease in the year by 6 per cent.  

Jon Holt, chief executive and senior partner of KPMG in the UK, said: “Our people have worked exceptionally hard to deliver strong revenue growth against a challenging economic backdrop. Digitisation and emerging technologies are at the forefront of our clients’ minds, and we have the expertise to meet demand and help them gain a competitive edge.  

“I am confident that our long-term strategy is delivering and putting the right foundations in place to transform the business for future, sustainable growth.”  

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