KPMG has 7pc business boost across north

PROFESSIONAL services firm KPMG has announced revenue growth of seven per cent in its northern business as the group announced its latest financial results.

The Big Four firm reported its strongest growth in a decade.

Group revenues increased by eight per cent from £2.1bn to £2.3bn for the year to September 30 and underlying profit increased by 18 per cent year on year, to reach £356m.

The strong growth comes despite the collapse of its client Carillion in January and the widespread concerns about the audit sector that have led to multiple reviews of the industry.

Bill Michael, chairman and senior partner at KPMG in the UK, said: “These results are the product of the tough decisions we have made and the hard work of our 16,000 people across the UK.

“Since taking on this role, together with my leadership team, I have refocused the business on our core strengths aligned to the firm’s public interest responsibilities.

“These actions have put us on the right trajectory.

“We are seeing growth right across our service lines, attracting talented people and winning major mandates.

“Our pipeline is strong and I am excited about the future.”

The group’s northern office has also had a strong year thanks to a buoyant M&A market.

Nicola Quayle, senior partner at KPMG’s Manchester office, said: “Our Northern business has had another year of impressive growth, increasing revenues by seven per cent, cementing our market share and advising on key transformational projects in both the private and public sectors.

“This great result is a reflection of two things.

“First, it is testament to the talent and unwavering commitment of our people.

“Each and every one of our staff has had a part to play, and I could not be more proud of their efforts over the year.

“And second, that we continue to operate in a strong and vibrant regional economy where organisations, large and small, regardless of sector, can disrupt, innovate and grow, in turn creating opportunities for us.

“A few things in particular have stood out.

“Nationally, the firm has achieved its fastest growth in a decade, an achievement which in no small part has been powered by the work of our Deal Advisory teams.

“I’m delighted that our Manchester M&A practice has played an integral role in this, advising on some of the region’s most significant transactions including working with Central Square Holdings on its acquisition and take-private of Styles & Wood and leading on the disposal of Yearsley Group to Lineage Logistics.

“You only have to look at the weekend’s headlines to know that data security is one of the biggest threats facing business today.

“Our own acquisition of Cyberinc has added further firepower to our regional cyber security business, making it the largest such practice in the north.”