• Type: Press release
  • Date: 1/15/2013

KPMG 2012 Revenues Reach US$23 Billion 

Growth seen across all service lines and industries. Bolstered by strategic

investments in key service areas, emerging markets and talent recruitment.
One Africa strategy to make the most of US$100m investment over five years

HONG KONG, 13 Dec – KPMG International (KPMG) today announced record-high combined revenues of US$23.03 billion for the fiscal year ending 30 September 2012, representing a 4.4% increase over the previous year in local currency terms.  When adjusted to US dollars revenues increased by 1.4%, reflecting the relative strength of the US dollar.  At a time of ongoing global economic challenges, the growth reflects our continued strategic focus on investments in emerging markets and key service areas, as well as aggressive recruitment of top talent.  In the latest Universum rankings, business students from leading universities around the world voted KPMG as one of the most attractive employers for the third consecutive year, ranking second overall and highest among the Big 4 firms.


Michael J. Andrew, Chairman of KPMG International, commented:


“2012 was a year of two distinct halves; with growth strongest at 6.4% in the first six months of the year and relatively weaker growth of 2.1% in the six months to September.  Growing our business against such a challenging economic backdrop is testament to the quality of our people and the strength of their relationships with clients.”


KPMG recorded increased revenues across all functions, with particularly strong growth generated in Financial Services, Industrial Markets and Infrastructure, Government and Healthcare. Advisory revenues grew by 8.3%, to US$7.86 billion; Tax revenues grew by 6.3%, to US$4.86 billion; and Audit revenues grew by 0.9%, to US$10.31 billion.    


“The growth in Advisory and Tax underlines the strength of client demand for professional services,” said Michael.  “On the Audit side, the market has never been more competitive and we are focused on continuing to improve audit quality, as evidenced by our significant investments in our global audit platform that surpassed US$50 million, in addition to the US$100 million invested over the past several years. KPMG member firms are also actively engaged with their regulators around the world in constructive dialogue, with the goal of continuing to improve audit quality.”


At a regional level, the Americas delivered strong growth for the year, with revenues rising by 7%.  The Europe, Middle East and Africa region reported increased revenues of 4% across the region, despite the ongoing economic uncertainty caused by the Eurozone crisis.  The Asia-Pacific region reported revenue growth of 1.1%, reflecting subdued growth in North Asia.


KPMG’s commitment to investment in rapidly growing economies was reflected by exceptional annual growth of 20% or more at KPMG firms in Argentina, Brazil, Chile, India and Turkey. Revenue growth was also strong in Africa and Indonesia, rising by more than 10% in each area over the last fiscal year. 


On Africa, Senior Partner of KPMG in South Africa, Moses Kgosana, stated that "The execution of our One Africa strategy achieved serious traction in 2012, which was evidenced by revenue growth in excess of 20% in Angola, East Africa, Nigeria and Zambia, as well as our new office expansions in Lagos, Lusaka and Johannesburg".


The decision to convert our Chinese member firm from a joint venture to a special general partnership was also a bold step and will enable KPMG’s Chinese firm to continue to contribute to the development of the Chinese accounting profession.


“I am proud that our Chinese member firm has grown from 30 employees only 20 years ago to 9,000 partners and staff today, with significant potential for future growth,” said Michael.  “Opening a new KPMG office in Myanmar last month was a sign of our commitment to helping to rebuild that country’s economy, and to playing a leading role in the economic development of the region.”  KPMG also established member firms in Iraq and Mongolia during the course of the year and now operates in 156 countries.  The decision to locate KPMG’s chairman in Asia is a further indication of the commitment to the important role of this region in the global economy.


Kgosana continued: “The increase in Africa revenue is underpinned by impressive pan-Africa growth across key sectors and service lines in Africa, including the Infrastructure, Financial Services and Healthcare sectors and in the Tax, Mergers & Acquisitions and Management Consulting service lines”.


Looking ahead, with practices in 33 African countries, KPMG International plans to invest US$100 million in Africa over the next five years, which will be largely focused on recruiting specialist skills to bulk up the firm’s teams of expert advisers.


“Our global and regional clients are telling us that the implementation of our One Africa client-centred operating model has greatly improved our ability to provide them seamless, responsive and exceptional service across the continent. There is no denying that Africa is an exciting place to do business in and, as we deepen our own sectoral knowledge and expand our footprint and depth-and-breadth of service offerings, we in turn are able to help our clients grow their own sustainable and profitable businesses”, adds Kgosana.


In addition to investing in its global audit platform and emerging markets, KPMG also focused on bolstering advisory and tax services.  Michael noted that KPMG “will continue to make acquisitions that will help build market-leading positions and capabilities in key areas that are important to clients, as we have done in shared services and outsourcing advisory and indirect tax compliance services, as well as in procurement and supply chain management, through our recent acquisition of BrainNet.  We are making these investments to help provide the highest quality, most innovative services to clients.” He added, “I’m confident the investments we are making will create growth and career advancement opportunities for our professionals.”


Recruiting top talent remained a priority in FY12. Over the course of the year, KPMG increased its global workforce by over 5%, to more than 152,000 partners and staff, the highest number of individuals ever employed across the network. More than 450 new partners were appointed over the year, bringing the number of partners across the network to more than 8,600, another record. KPMG recruited more than 18,000 graduates last year and plans to recruit a further 60,000 graduates over the next three years, marking the highest planned recruitment levels in KPMG’s history. With its strong focus on training and advancement, KPMG has become one of the top tier employers in the business community.


Other FY12 highlights:


  • KPMG in China consolidated its leading position in M&A consulting by advising on three of the four largest Chinese business outbound merger and acquisitions during the course of the year.
  • KPMG’s Management Consulting practice, part of the Advisory business, achieved growth of 15% for the year and has grown to a business with revenues of US$2.2 billion in just seven years.
  • KPMG continued to invest in its global Centres of Excellence for Financial Services, Government & Infrastructure, Healthcare and Management Consulting.  The Centres bring together KPMG experts with specialised skills and expertise to bring solutions to assist clients in navigating the fast-changing and complex business environment.
  • KPMG’s firms now serve more than 82% of the Global Fortune 500 list of companies.
  • KPMG reinforced its commitment to sustainability by winning the prestigious International Accounting Bulletin “Sustainable Firm of the Year” award.
  • KPMG has for the first time issued its International Annual Review, Transparency Report and Communication on Progress towards the UN Global Compact goals along with the network’s financial results.


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Moses Kgosana
Senior Partner,
KPMG in South Africa
Tel: +27 (0)11 647 8012