KPMG Posts Revenue Growth
Big Four firm KPMG reported 2006 combined revenues of US$16.9 for the fiscal year ending September 30. The figure represents an increase of 7.6 percent in U.S. dollars and a 9.6 percent rise in local currencies.
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Some KPMG member firms benefited from explosive growth in the burgeoning ‘BRIC’ economies – Brazil, Russia, India and China. KPMG reported an average rise of 42 percent in revenue among member firms representing those countries.
“Overall, this has been another strong year for KPMG, marked by exceptional performances in some of the key areas of the world,” said Mike Rake, chairman of KPMG International.
The company added some new clients to the rolls in 2006, including BASF, Bank of England, Petrobras, Banco do Brasil, and Mitsubishi Tokyo Bank.
KPMG’s personnel ranks grew to 113,000 in 2006, and member firms continue to recruit to meet demand, Rake said.
With local growth of 13.7 percent, Asia Pacific was KPMG’s fastest growing region, followed by Europe, Middle East and Africa at 12.4 percent and the Americas at 4.3 percent.
KPMG’s strategy was to invest in those parts of the world where business and corporate activity is rapidly expanding, including India, China, Russia and Latin America.
The member firm in China opened three new offices, the company said. Much of the demand for KPMG’s services there comes from privately owned companies wanting to expand and raise capital.
A seventh office opened in India, and staff added to offices in South America, the company said.
“We saw opportunities in some of the fast developing markets early, and have invested carefully,” Chief Executive of KPMG International, Mike Wareing, said. “We are now starting to reap the rewards of those decisions.”