KPMG Reports 11% Growth | AccountingWEB

KPMG Reports 11% Growth

Worldwide revenues for KPMG grew by 11% to $13.5 billion for the year ended September 30, 2000, the Big Five firm has reported.

KPMG chairman Stephen Butler highlighted the "record results and profitability" for the year, and noted how the firm "has stronger geographic balance than the rest of the industry, which has a greater concentration of revenue in the United States."

"Consulting services grew 11% this year to $3.9 billion; Tax and legal services climbed 16% to $2.9 billion; Assurance services grew by 8%, to $5.5 billion worldwide; Financial Advisory Services rose 22%, to $1.1 billion; and all other services accounted for $100 million," he said.

The Americas region grew by 16% to $6.6 billion, Asia Pacific increased by 20% to $1.2 billion, and the Europe, Middle East and Africa region reported a 4% growth rate, to $5.7 billion.

Butler said: "KPMG's continued growth and success reflects the progress we've made in pursing a three-pronged strategy aimed at creating the first truly global professional services organization, and becoming the very best at both serving global clients and attracting and retaining world-class talent.

"We're also leading the Big Five in true globalization, which is our strategic imperative because it has become an essential marketplace imperative for every business. Successfully globalizing KPMG will also significantly enhance the chances of success of the other two priorities."

Other developments include the initial public offering SEC registration for KPMG Consulting, the appointment of J Walter Thompson as the firm's advertising agency, and the deployment of KClient, a Web-based collaborative tool that sets news standards in the use of technology in managing global client relationships.

The growth compares to Deloitte Touche Tohmatsu's recent figure of 14.1%.

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