KPMG P/S annual report 2017
KPMG continued the successful journey in 2017 with overall growth of 17% across Audit, Advisory and Tax. KPMG achieved profitable growth in all business areas in accordance with strategy and projections reaching growth rates of 7% in Audit, 21% in Advisory and 24% within Tax.
With revenue growth from DKK 492 million in 2015/16 to DKK 575 million in 2016/17, KPMG is the fastest growing professional services firm among the Big Four in Denmark based on organic growth, serving more than 75% of the largest listed companies and 15 out of the 20 largest corporations in Denmark within Audit, Advisory and Tax.
"I am proud to see that our agility, business expertise and deep technological capabilities resonate so well in the marketplace. Our goal is not to be the biggest firm, but to be the best professional services firm, working shoulder to shoulder with our clients," says Thomas Hofman-Bang, CEO and Senior Partner, KPMG.
Becoming the Clear Choice
In 2017, KPMG consolidated a market leader position within the shared services and outsourcing advisory (SSOA) practice winning a significant number of deals with new as well as existing clients, including Danmarks Nationalbank, Banedanmark, the Danish Ministry of Transport, Building and Housing, Falck, Skandia and a large Danish-owned pharmaceutical company.
Since last year, KPMG completed the largest number of due diligence deals in Denmark with 46 announced deals, working on transactions with companies such as McDonald's, TDC Hosting and Saxo Bank.
KPMG is experiencing a significant demand in the market for advice and implementation support within cognitive technologies. Clients have only just begun to realise the potential of robotic process automation, AI and voice driven technologies and a surge in the demand for KPMG NewTech services is expected in the next few years.
A successful One Firm approach
A strategic priority for KPMG is to work seamlessly across its business areas. In 2017, the KPMG one-firm approach resulted in a significant win, when KPMG was chosen as an outsourcing partner as part of a larger finance transformation project involving Audit, Advisory and Tax. The engagement involves client entities in up to 40 countries for one of Denmark's largest industrial companies and entails taking over direct tax reporting, tax accounting and statutory financial statements preparation.
The success of KPMG is its people
Professional services firms are all about people, and KPMG therefore strives to attract the best talent in the market who ignite potential in themselves, their colleagues and the clients. In 2017, KPMG hired 219 agile specialists and launched an enhanced two-year graduate training programme, the Future Focus Graduate Programme, for which KPMG received more than 1,000 applications and attracted 35% more graduates than in 2015/16. Furthermore, KPMG promoted 62 outstanding colleagues who bring the high performance culture to life in the company.
"Our success is only possible because of our many talented employees. We believe that diversity, passion, curiosity and deep professional insights enable us to achieve the best results and create the best workplace", says Thomas Hofman-Bang.
Going forward KPMG will strengthen the organisation by hiring a substantial number of talents and specialists to keep up with the market demand.
Diversity is critical to success
To continue the success of bringing smart and innovative client services to the market, a diverse and inclusive workforce is critical. Today, 39% of the employees in KPMG are women and two out of five members of the Board of Directors are women. KPMG continuously work to improve diversity targets because a balanced workforce brings new ideas and inspiration to the table. Our policies to increase this number include recruitment, retention, maternity programs, promotions and career plans, etc.
One in 22
KPMG's success in 2016/17 is an important steppingstone towards the new KPMG strategy and vision of becoming ONE in 22. ONE in 22 captures three dimensions: KPMG's ability to work seamlessly across the organisation as One Firm, working shoulder to shoulder with clients and setting the right teams with diverse capabilities, aiming to be the leader in selected market areas and to reach a revenue of DKK 1 billion no later than in 2022.
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