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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. |
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. |
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