The KPMG network announced annual aggregated revenues of $29.22 billion for the fiscal year ending 30 September 2020.
The KPMG network announced annual aggregated revenues of $29.22 billion...
Through a year of economic and social turbulence, KPMG International announced KPMG firms’ annual aggregated revenues of $29.22 billion for the fiscal year ending 30 September 2020. FY20 growth had a strong start with gross revenue growth slowing in the second half of the year. Overall billable hours and net sales increased throughout the financial year as firms continued to support clients in their response to the COVID-19 crisis.
Technology is making the regulatory and legal environment more complex and is increasing demand for our Regulatory Driven Transformation services as clients seek to automate compliance programs and better manage risk. Legal complexity is also rising, leading to increased demand for KPMG Legal services which is now realizing 6% growth. Our investments to bring greater digital capabilities and enhanced quality execution to Audit, especially with our KPMG Clara smart audit platform, are continuing to strengthen demand for our Audit services.
KPMG firms delivered resilient performance across all three geographic regions, with the Asia-Pacific region being the fastest growing:
Audit revenues for the year globally reached a total of $11.07 billion in FY20.
Our relentless focus on audit quality is at the heart of our business and who we are. It is more critical than ever in these uncertain times for enhancing trust and confidence among investors, regulators, our clients, our people, capital markets and the communities in which we work and live.
We are investing across the business in our processes, methodologies and systems to make sure every audit and every piece of work we do consistently meets the standards expected of us and our profession.
Tax and Legal services
Tax and Legal services for FY20 achieved total global revenues of $6.48 billion, driven by demand for Tax services, particularly as clients seek help in managing increasingly complex, cross-border tax obligations, and work to transform their compliance processes and implement new technologies to address current challenges.
KPMG’s Global Legal services continued its strong growth at a rate of 6% in FY20. Our network now has more than 2,700 legal professionals across 81 jurisdictions with the capability to advise on a much broader range of business issues than traditional law firms.
Advisory achieved global total revenues of $11.67 billion in FY20.
Our clients need to adapt to an ever-changing digital world. We’re investing in a suite of solutions that combine our multidisciplinary expertise and technology capabilities to meet clients’ most pressing needs. Our Connected Enterprise capabilities help our clients rebuild around their customers to create borderless organizations, where people and technology interact to create new levels of productivity and value. Our Powered Enterprise framework helps businesses become more nimble and scalable, enabling clients to harness the latest technologies, leading business practices and tested solutions for a smarter path to the right operating model.
Our innovative technologies include building predictive analytics and intelligent automation into our tools and methodologies.
KPMG FY20 member firm revenues (US$ billions)
|Regions||Current||Prior||Local Growth (%)|
|Functions||Current||Prior||Local Growth (%)|
The financial information set forth represents combined information of the independent KPMG member firms, affiliated with KPMG International Limited, that perform professional services for clients. The information is combined here solely for presentation purposes. KPMG International Limited performs no services for clients nor, concomitantly, generates any client revenue.
FY20 revenues, throughout this press release, reflect KPMG’s financial year between 1 October 2019 and 30 September 2020 and are expressed in US dollars.
Local growth percentages are based on maintaining consistent FY20 exchange rates within the prior year and are based on gross revenues, including travel and other client reimbursable expenses, which are excluded from the net revenues growth calculation.
Headcount figures are expressed as FTE (full-time equivalent) and are based on average headcount for the financial year.
Legal services may not be offered to SEC registrant audit clients or where otherwise prohibited by law.