KPMG UK profits drop
The Big Four Accountancy firm has revealed KPMG has recorded lower profits but higher annual revenue in the year to September 2012. UK profits have fallen by 13% to £349m and revenue has climbed to £1.774m from £1.707m which represents 4% growth. The slump in profits is partly due to the loss of 275 staff after a restructuring within the company.
Senior Office Partner Chris Hearld stated "our profitability fell because of investment and because we maintained high staff levels in some areas of our business in anticipation of a wider economic recovery that failed to materialise.”
The last year has been a challenging year for KPMG but nevertheless KPMG continue to invest as the market conditions are improving slowly. Most recently KPMG are building their new £30m Leeds office in the Sovereign Square development which will offer 20% more space than its existing head quarters.