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KPMG in Singapore is part of a global network of professional services firms providing Audit, Tax and Advisory services. The independent member firms of the KPMG network operate in 155 countries and have more than 174,000 professionals worldwide.
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Singapore, 13 December 2013
|KPMG International today announced record-high aggregated revenues of US$23.42 billion for the fiscal year ended 30 September 2013, representing a 3.7 percent increase in local currency terms over the previous year.
Michael J. Andrew, Chairman, KPMG International, commented: "Over the past year we have seen the first widespread signs of economic confidence returning to clients and this has led to improving demand for services around the world, accelerating growth in the second half of the year.
Continuing to make significant investments in a difficult economic period while delivering operating efficiencies has ensured we are well-placed to meet this upturn in demand, and will drive stronger growth in the future. We are delighted to report record revenues in target high-growth markets.
KPMG has a longstanding commitment to supporting clients in the world's fastest growing economies and this focus drove 16.3 percent annual growth in revenues in India, 14.3 percent in Mexico, 13.1 percent in Africa and 10 percent in China."
The Americas delivered strong growth over the year, with revenues rising by 6.7 percent driven by a 16.4 percent growth in Advisory revenues, 7.4 percent increase in Tax and a 0.3 percent increase in Audit revenues. EMA revenues grew by 2.6 percent with strongest growth in Germany, Ireland and Switzerland as many of the region's leading economies returned to growth. The Asia Pacific region reported revenue growth of 1.1 percent, reflecting the difficult economic situation affecting some of the largest economies in the region and the slow IPO market, a traditional strength of KPMG.
Strong growth in Audit, Tax and Advisory
While the global audit market remains challenging, and competition for audit engagements intense, KPMG’s global Audit function performed strongly with member firm revenue increasing by 1.2 percent to US$10.21 billion.
"The number of significant audit appointments during the last year includes: Downer EDI, ICBC, Lend Lease, Panasonic, PetroChina, Syngenta, and Unilever. We maintain a vigorous commitment to continuous improvement in audit quality. We have invested over US$225 million in audit over the past five years and plan to invest at least as much again in the next five years." said Michael Andrew.
Tax revenues rose by 4.2 percent to US$4.97 billion driven by an increased demand for tax compliance and tax advisory services in the Americas and EMA. KPMG also led the way in responding to the global debate on tax morality, with the publication of Global Tax Principles, setting out the standards which KPMG tax professionals follow in their work for tax clients.
Total Advisory revenues for the year were up by 6.5 percent to US$8.24 billion, buoyed by strengthening demand for KPMG’s Management Consulting services, which delivered 14.2 percent growth on the prior year. Client demand for KPMG’s Risk Consulting services also continued to grow strongly, up by 6.8 percent from FY12.
Data and Analytics services saw a sharp increase in demand. For example, KPMG professionals helped one of China’s largest insurance firms transform their business, enriching data to better understand and meet their customers’ changing needs. KPMG Capital, a new and wholly owned investment fund, enables KPMG to invest, acquire and partner with organisations developing data and analytics technologies and methodologies. It was launched in November this year.
Investing for future growth
KPMG continues to make significant investments targeted at long term, sustainable growth and is almost half way through a five year global investment program totaling around US$1 billion focused on our core global audit platform, high-growth markets and developing new services such as Data and Analytics.
"The recent launch of KPMG Capital shows KPMG's willingness to make bold investments supporting investments being made by KPMG member firms in their local markets," concluded Michael Andrew.
A leading choice for talent
KPMG maintained its long-standing focus on recruiting top talent in FY13, recruiting over 45,000 graduates and experienced hires. KPMG’s global workforce grew almost 3,000 to more than 155,000 partners and staff, the highest number of individuals ever employed across the network.
With its strong focus on training and career development, KPMG remains a leading choice for graduate talent, and was once again voted in the Top 10 Global Employers in the Universum poll of around 200,000 degree students.
Other FY13 highlights:
- KPMG's member firms now serve more than 80 percent of the Global Fortune 500 list of companies.
- KPMG advised on China’s largest foreign merger and acquisition deal of 2013, the US$15 billion acquisition of a Canadian oil company by CNOOC, China's largest producer of offshore oil and natural gas.
- KPMG has again led the sector by simultaneously publishing its International Annual Review, Transparency Report and Communication on Progress towards the UN Global Compact goals along with the network's financial results.
- KPMG continued to invest in global Centers of Excellence including the Financial Services, Government & Infrastructure, Energy & Natural Resource, and Healthcare sectors, and competencies around Shared Services and Outsourcing, Strategic Procurement, Human Resource Advisory, and Climate Change and Sustainability. These Centers bring together KPMG experts from around the world with specialised skills and market experience to develop practical solutions to help clients deal with the pace and complexity of their global business environment.