A new Glasgow managed services hub to serve new clients in financial services helped KPMG UK to increase annual revenues by 3% to £2.4 billion.
The Big Four firm said A busy M&A and restructuring market fuelled the firm’s deal advisory practice, which grew by 3% net sales while its audit practice posted growth of 10% for the year to 30th September 2019. Geopolitical uncertainty and regulatory change helped KPMG’s tax, pensions and legal practice grow by 3%.
Catherine Burnet, KPMG’s senior partner in Scotland, said: ” As Scotland’s largest professional services firm by headcount, KPMG continues to play a crucial role in the country’s economy. The previous twelve months have been challenging for the industry as a whole, with growing economic and political uncertainty, and ongoing reviews into the future role of audit. Despite the difficult backdrop, our team of over 1,200 people in Glasgow, Edinburgh and Aberdeen, have been at the forefront of driving positive change, with greater collaboration and an even deeper focus on innovation.
“This is demonstrated in our new Managed Services hub in Glasgow, and our pioneering partnerships with organisations such as Glaswegian start-up space Clockwise and The Oil & Gas Technology Centre in the north east.
“In 2020, as KPMG celebrates its 150th anniversary, our focus will be on even greater investment in our people as we work hard to ensure we’re delivering the highest level of service to our broad range of clients. This includes our largest ever investment in audit, with more recruitment in the space than ever before and the launch of a new audit-only apprenticeship programme.
“Our team in Aberdeen will move in the Spring to the city’s most iconic new development, Marischal Square, and we’ll be introducing a range of new tools and initiatives to empower and support our clients in their efforts to return to a period of sustained growth.”
KPMG’s investment this year included £45 million from in-year earnings as part of a planned £200 million investment in audit by the end of 2020.
