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KPMG sees pay and bonuses rise as UK profits jump 27% KPMG sees pay and bonuses rise as UK profits jump 27%
(3 days later)
UK profits at KPMG have jumped 27% to £455m, boosting the bonus pot and pay at the accountancy and advice firm.UK profits at KPMG have jumped 27% to £455m, boosting the bonus pot and pay at the accountancy and advice firm.
For the year to 30 September average pay for the 583 UK partners rose by 23% to £713,000, while the staff bonus pool rose 20% to £73m.For the year to 30 September average pay for the 583 UK partners rose by 23% to £713,000, while the staff bonus pool rose 20% to £73m.
KPMG is in what UK chairman Simon Collins said was the "first and toughest year" of a three-year turnaround plan.KPMG is in what UK chairman Simon Collins said was the "first and toughest year" of a three-year turnaround plan.
His pay for the year, approved by a vote of partners, was £2.42m.His pay for the year, approved by a vote of partners, was £2.42m.
Total revenues increased slightly, up 0.4% to £1.814bn.Total revenues increased slightly, up 0.4% to £1.814bn.
Advisory services saw a 15% increase to £308m. Revenues for the tax arm fell £1m to £140m. Audit services saw a 16% revenue rise to £178m. The contribution to profit from advisory services rose 15% to £308m. The contribution from the tax arm fell £1m to £140m, while audit services saw a 16% rise to £178m.
Mr Collins said: "We have completed the first and toughest year of our three-year transformation plan; getting a sustainable grip on the bottom line.Mr Collins said: "We have completed the first and toughest year of our three-year transformation plan; getting a sustainable grip on the bottom line.
"I'm really proud that, as a result, we have generated double-digit growth in profitability, which boosts us from fourth to second of our peer group.""I'm really proud that, as a result, we have generated double-digit growth in profitability, which boosts us from fourth to second of our peer group."
The audit arm was recently boosted by consumer goods firm Unilever's decision to appoint KPMG after 27 years with rival firm PwC, a few weeks after KPMG's work for HSBC bank went in the opposite direction.The audit arm was recently boosted by consumer goods firm Unilever's decision to appoint KPMG after 27 years with rival firm PwC, a few weeks after KPMG's work for HSBC bank went in the opposite direction.
Earlier this year, the Competition Commission urged major companies to rotate their auditors every 10 years amid concerns about the level of competition.Earlier this year, the Competition Commission urged major companies to rotate their auditors every 10 years amid concerns about the level of competition.