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January 20, 2004

KPMG achieves double digit growth

Accountancy firm KPMG has reported strong growth for the fiscal year despite the global economic difficulty and uncertainty experienced during the year. For the year ending September 2003, the company generated revenues of $12.16 billion, a 13.4% increase in its fiscal revenues.

By CBR Staff Writer

The company achieved good results in the year across all its functional businesses. Audit Services rose to $5.68 billion, up 20.3%, while Tax Services reached $3.31 billion, an increase of 8.9%. The Advisory Services business recorded $3.17 billion, a rise of 7.1%.

On a geographic basis, KPMG achieved its strongest regional gains in Asia Pacific, where revenue rose to $1.24 billion, an increase of 25.3%. In Europe, the Middle East and South Asia, and Africa, revenue reached $6.29 billion, a gain of 15.2%, while the Americas revenue gained 8.4% to $4.63 billion.

Mike Rake, Chairman of KPMG International, commented: We’re pleased with our organization’s overall performance during a period of global economic difficulty and uncertainty, and another challenging year for the profession. This double-digit growth was achieved in a changing landscape of regulatory, legislative and market reform – amidst equally changing roles for audit committees, managements and auditors.

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