KPMG International has reported a 5.1% increase in annual aggregated revenues for its member firms worldwide, reaching a total of $38.4 billion for the fiscal year ending September 30, 2024. The growth, which translates to a 5.4% rise when measured in U.S. dollars, reflects the firm’s successful implementation of a "collective strategy" complemented by substantial investments in key global priorities.
The Big Four accountancy firm attributed this financial upturn to its strategic focus on emerging technologies, particularly artificial intelligence, as well as its efforts to align with shifting environmental, social, and governance (ESG) standards. Specifically, KPMG reported a 10% increase in its tax and legal services, a surge driven by heightened client demand for AI-enabled managed services, transformation capabilities, legal advice, and assistance in navigating evolving global tax reforms. The audit segment grew by 6%, while advisory services saw a modest increase of 2%.
Notably, last year, KPMG announced a substantial $4.2 billion investment plan set to unfold over a three-year period. This directive aims to bolster trust and drive sustained growth, with over $1.7 billion already invested across the KPMG network in the current fiscal year. This investment is strongly focused on advancements in technology, particularly in AI, as well as talent acquisition and ESG initiatives.
From a staffing perspective, KPMG grew its headcount by 1%, totalling 275,288 professionals, which included targeted recruitment efforts in specialised fields such as tax and technology.
Breaking down the revenue growth regionally, KPMG reported an 8% increase in the Europe, Middle East, and Africa region, a 4% rise in the Americas, and a 1% growth in the Asia-Pacific region. The various dimensions of growth across these diverse geographic areas demonstrate KPMG’s positioning within the evolving landscape of professional services amid increasing reliance on automation and technological advancement.
Source: Noah Wire Services