Our year in review
We’re building a stronger, more sustainable business that’s supporting the UK’s economic recovery.
“I couldn’t be prouder of how our people have supported our clients, our communities and each other through the challenges and uncertainty of the pandemic. It’s through their efforts that our business has seen robust growth over the last twelve months.
Since being elected as Chief Executive in April 2021, my priority has been to build a stronger, more sustainable business that supports our clients and the country to rebuild as we emerge from the pandemic. We’ve already taken some important steps on our transformation journey; including announcing a £300m investment in growth areas over the next three years, bolstering our core multi-disciplinary services for our clients and progressing several regulatory legacy issues.
We’ve also invested in our people, with a market-leading bonus pot for our staff. Ensuring that KPMG is a place where everyone can thrive remains a top priority and we’re setting bold new inclusion, diversity and equity targets to 2030 to drive accountability. I’m proud that our continuing work on this agenda has been recognised, and this year we were ranked the second-top employer driving social mobility in the UK by the Social Mobility Foundation.”
Jon Holt / Chief Executive, KPMG in the UK
We have seen robust growth this year due to a resurgence of the M&A market and increased demand from clients to support their digital transformation plans.
Our partners have voted overwhelmingly to back plans to retain and invest the £300m financial proceeds made from the sales of our restructuring and pensions businesses back into the business. This is part of our long-term growth strategy to invest in our core multi-disciplinary services and accelerate growth in areas such as ESG and digital transformation, where our clients are looking for our support.
You can find our full financial results on Our Financials page.
1) The FY21 figure excludes profit on sale of restructuring business. The FY20 figure excludes profit of £115m from the disposal of our Pensions business.
We’ve continued to support our people through the challenges of the pandemic, prioritising their wellbeing and offering a range of support, including time off to support family and caring commitments, and mental health resources.
We also continue to invest in our people’s careers. Over the year we’ve promoted 2,710 colleagues, including 56 new partners, and recruited 1,085 graduates and apprentices, and 1,676 experienced hires across our UK offices.
Driving progress towards building an inclusive, diverse and equitable business remains a key priority. We’ve made some important progress this year, including being one of the first UK businesses to publish a socio-economic background target and pay gaps. And we’re continuing to drive change by setting new inclusion, diversity and equity targets to 2030. You can find out more on our dedicated Inclusion, Diversity & Equity pages.
1) This figure is based on those that have declared this information to us (75.2% of employees). We are not able to compare this figure to previous data, as we have updated our methodology to bring it in line with advice from social mobility experts, the Bridge Group.
2) Data based on 6,310 colleague responses. Note that prior year surveys used a mix of response scale options for each question – some used a five-point scale from Agree to Disagree, and others used a five-point scale from Strongly Agree to Strongly Disagree. To promote consistency, and to align with external benchmarks, the response scales for all questions were moved this year to the five-point scale from Strongly Agree to Strongly Disagree. Analysis by our survey vendor shows that scores are, on average, 5% lower for the questions whose scale has been amended this year. Therefore, declines in scores of 5% or less may be the result of the scale change rather than an actual change in employee opinion.
Since 2018, we’ve made a significant investment in our audit business focussed on driving quality through strengthening our governance, controls, technology, culture and training. We will continue to invest to develop a leading audit practice that has a relentless focus on quality, is constantly evolving to respond to the changing needs of stakeholders and creates rewarding careers. You can find out more about the steps we’re taking in our Transparency Report.
This year we’ve supported more than 230,000 young people in our communities through our literacy, numeracy and lifelong learning programmes.
Our people have raised over £1.5 million and provided almost £500,000 worth of pro bono work for the NSPCC over our three-year charity partnership period. In November 2021 we announced Marie Curie as our new charity partner, following a colleague vote, and our ambition is to raise £1 million for them over a two-year period.
As part of our commitment to be a zero-carbon business by 2030, we have helped our employees take practical steps to reduce their environmental impact alongside the business-led changes we’re driving to meet our Science-Based targets. We’ve also launched a new volunteering programme working with schools in areas of low social mobility to build students’ sustainability skills and prepare them for the green jobs of the future.