KPMG reports FY 2011 revenue of $ 22.7 b

Thursday, 15 December 2011 00:55 - - {{hitsCtrl.values.hits}}

REUTERS: KPMG reported 2011 revenue of $22.7 billion, a 10.1 per cent increase in dollar terms, as the global accounting and audit firm capped a strong year along with its peer club commonly known as the “big four”.

KPMG said revenue grew across all geographic regions with much of the growth coming from high-growth markets like India and Brazil.

The consulting firm said audit revenue grew 5.8 per cent, while tax revenue grew 13 per cent in US dollars.

“To achieve double-digit growth in such a tough environment shows that we have the right strategy,” said Michael Andrew, Chairman of KPMG International.

KPMG said its management consulting practice in 2011 grew 29 per cent in US dollars and has become, on a combined basis, a $ 2 billion business in six years.

Demand for advice on cost-cutting, acquisitions and new technology by companies recovering from the 2009 recession has boosted consulting work, which is growing much faster than the traditional audit business for global audit firms.

KPMG’s “big four” rivals Ernst & Young, Deloitte and PwC have all reported strong revenue growth in 2011.