2019 was yet another strong year for KPMG in Denmark reaching total revenue growth of 19% across Audit, Advisory and Tax.
For the sixth year in a row, KPMG in Denmark delivered a strong double digit growth rate hitting 19% across Audit, Advisory and Tax. Overall revenue increased from DKK 697 million in 2018 to DKK 829 million in 2019. KPMG experienced growth across all business areas reaching growth rates of 17% in Audit, 12% in Advisory and 32% in Tax.
2019 was kicked off with a successful leadership transition seeing Henrik R. Mulvad overtaking the role as CEO and Senior Partner from Thomas Hofman-Bang. Henrik R. Mulvad has used the strong financial foundation to consolidate KPMG's market-leading position within selected areas and created a new business strategy focused on ensuring continued growth in the coming years.
"We achieved solid growth in 2019 and our new business strategy will provide a strong basis for continued sustainable growth. As part of our new strategy, we focus on optimising our organisation and developing more innovative client solutions based on artificial intelligence (AI), quantum technology and 5G technology which are rapidly maturing. We want to be the market leader in key technology areas," says Henrik R. Mulvad, CEO and Senior Partner, KPMG in Denmark.
KPMG in Denmark has for instance helped Nets develop a cutting-edge, fraud-fighting, AI-based solution which has already reduced fraud on credit card transactions by approximately 25%. Going forward, KPMG is investing heavily in 5G technology capabilities as well as applied quantum technology. In the beginning of 2020, a European KPMG quantum hub will be established in Denmark.
Courage to change
The world is facing unprecedented challenges due to climate change, geopolitical instability and radical digitalisation. For KPMG, this has led to an increased focus on creating long-tem value for our clients and on ensuring an ethical use of technology by putting the human being at the centre.
"We must have the courage to think in a new way and challenge mainstream thinking and ingrained beliefs in a world that calls for new solutions to the problems we are facing. This is why I am very committed to creating the right culture at KPMG and keeping the creative entrepreneurial spirit alive as our company grows," says Henrik R. Mulvad.
An integrated approach to advisory across Denmark
In order to keep up with the market demand, we have strengthened our regional offices in Aarhus, Aalborg and Kolding by the appointment of a number of new partners. The strategic decision to strengthen our presence in the regions in Denmark is standing on the should of a growing Audit practice , which in 2019 led to a number of new KPMG clients such as SAS Airline, KMD and Unifeeder. KPMG expects the trend to continue in FY20 due to the EU audit reform, which will trigger a number of audit tenders in the coming years.
KPMG also had a solid mid-market footprint 2019 and grew its base of mid-market clients across Denmark, which contributes to strengthening our business as small and medium-sized companies constitute the backbone of the Danish economy. KPMG's main focus in the mid-market is on fast-growing companies, family-owned businesses and innovative start-up companies. During the last six years, KPMG developed a team of specialised auditors and advisers to assist Danish tech start-ups from the early stage.
Putting inclusion and diversity first
KPMG continuously strives to ensure equal opportunities for all employees and having a diverse workforce. KPMG's Balance Initiative is increasing the number of women employed, and today 37% of all employees are women. In 2019, 34% of all promotions were women, which is an increase of 9% achieved in the last fiscal year. 31% of the leadership team are women with Partner Anja Bjørnholt Lüthcke acting as Chairwoman of the Board of Directors and Ria Falk as Partner and member of leadership in Acor Tax.