Increased demand from a successful and growing client base sees turnover at KPMG reach €504m for the year ended 31 December 2021, a 16% rise from the €434m recorded in 2020.
- KPMG has experienced growth across all service lines in 2021 with increased client demand, in particular for transformation, cyber, digital, ESG, M&A and transfer pricing services
- The results, contained in the firm’s just released annual Transparency Report, also show that the firm has invested significantly in its people, hiring over 1000 new employees and bringing its overall headcount to almost 4,000, an increase of 16% on the previous year
- Announcement follows the recent acquisition of construction consultancy KMCS @ KPMG and the news that KPMG will move to new Dublin headquarters in Harcourt Street in 2026
- The firm is also sharing its second Impact Report, an update on its performance against its ESG commitments recognising the increased responsibility on business to effect change and be accountable for its impact on society
Commenting on the results, KPMG Managing Partner Seamus Hand said: “I am really proud of our people and delighted with how all parts of our business have performed. Over the last year, our clients continued to be faced with an ever-changing but exciting business landscape and they looked to the expertise and capabilities of our people to help them navigate the challenges and capture the opportunities arising. I am equally proud of our progress against our ESG commitments as we continue to transform our business model to ensure we achieve success while making a positive impact on society.”
Speaking on the business outlook for the rest of 2022, Seamus Hand said; “I am optimistic and ambitious for our business in 2022 and beyond. The needs of our clients are evolving at a phenomenal pace requiring us to invest in broadening our capability to partner with them for what’s next in their success. This investment is primarily in people and we have added over 1000 new people to our team in 2021. This is a mix of experienced and graduate hires and ensures that we can continue to bring the best, most innovative and diverse thinking to the opportunities and challenges currently facing our clients and stakeholders. We have also invested inorganically, acquiring a number of bespoke consultancies to broaden our service offering, including most recently the acquisition of the construction management company KMCS @ KPMG.”
Speaking on the prospects for the Irish economy, Seamus Hand said; “Some of the current economic challenges around inflation, availability of talent and competitiveness will command the full attention of policy makers locally and globally, but I am confident that Ireland’s strengths as a location for business will ensure it remains successful through this period.” According to Seamus Hand; “The relative appeal of Ireland as an attractive location for international business continues to underpin the growth of Irish and multinational companies who value both stability and EU market access.”
The future of work
KPMG recently announced its planned move to a new 26,800 sq m (288,500sq ft) headquarters at Harcourt Square in Dublin city centre, bringing its Dublin teams under one roof from 2026. Commenting on the future of work and in the context of the challenges posed by the pandemic, Seamus Hand said; “How we engage with our clients, how we work, learn and exchange ideas has changed forever. Our new hybrid working model is evolving as a mixture of in-person and remote working so our people get the best out of their working experience and our clients continue to get the best support. We are investing significantly in our infrastructure and technology platforms to support new levels of collaboration and innovation while also facilitating the latest emerging ways of working.”
Commitment to communities
In 2021 KPMG people contributed 12,347 employee volunteer hours as part of its commitment to positively impacting on its community. As detailed in the firm’s Impact Report, KPMG raised €2m in donations to various community, charity, education, sustainability, and workplace recipients through a combination of cash donations, in-kind donations, and KPMG employee fundraising. Commenting on the firms focus on its ESG commitments, Seamus Hand said; “I am delighted with the progress we have made on our ambitious ESG strategy. We are committed to creating and facilitating real and proactive solutions to societal and environmental challenges and we are working closely with all of our partners in this space to drive positive change.”
KPMG is Ireland’s single largest professional services firm and has achieved sustained revenue and headcount growth in recent years. Revenues for 2021 were €504m and headcount growth has doubled since 2014 when the firm employed 2,000 people to just over 4,000 in early-2022. KPMG provides audit, tax, deal advisory and consulting services from offices in Dublin, Belfast, Cork and Galway. The firm works with inspirational clients in all sectors of Irish business, helping ambitious companies and individuals deliver growth and success in their businesses.