Hong Kong: KPMG International member firms saw combined revenues up 10.1% to $22.7 billion for the fiscal year ending September 30, with management consulting business growing at nearly 30% in the period.
KPMG says the strong performance spanned all geographic regions and resulted from a strategic commitment across member firms to invest in priority high growth markets; to focus on key industries such as financial services, healthcare, government, infrastructure, and energy; and to expand our capabilities in high-demand service offerings such as tax and consulting.
"To achieve double-digit growth in such a tough environment shows that we have the right strategy," said Michael J. Andrew, Chairman of KPMG International. "We achieved this by focusing on fundamentals and organic growth and making common investments in our strategic priorities."
KPMG recorded strong growth across all functions. Audit revenues rebounded to grow 5.8 percent to US$10.48 billion against strong competition in the marketplace and a difficult business environment. Tax revenues grew 13 percent to US$4.69 billion. Advisory revenues rose 14.8 percent to $7.54 billion.
Revenues grew across all KPMG's geographic regions, with gains in U.S. dollars of 16.6 percent in Asia Pacific, 10.7 percent in the Americas, and 7.7 percent in Europe, the Middle East, Africa, and India. Much of the growth came from high growth markets, with India growing at 25 percent and Brazil at 22 percent in local currency terms. In October, Andrew underscored KPMG's commitment to high growth markets when he became the first head of a Big Four accounting network to be based in Asia; he works from Hong Kong.
KPMG's Management Consulting practice achieved FY11 revenue growth of 29 percent in U.S. dollars and has become, on a combined basis, a $2 billion business in just six years. With the acquisition of EquaTerra, KPMG jumped from fourth place to be a market leader in Shared Services and Outsourcing Advisory.