31 January 2019

2018 was yet another strong year for KPMG in Denmark with a total revenue growth of 21.2% across Audit, Advisory and Tax. KPMG maintains its leading position as the fastest growing professional services firm in Denmark among the Big Four based on organic growth.

Overall revenue increased from DKK 575 million in 2016/17 to DKK 697 million in 2017/18. KPMG experienced growth across all business areas with Audit accounting for 6.2%, Advisory 28.3% and Tax 25.3%. The solid results reflect the high-quality work delivered by more than 600 passionate and highly skilled specialists within Audit, Advisory and Tax. With an average age of 34, most employees are digital natives, and as a truly international organisation, the workforce consists of over 26 nationalities.

New CEO and senior partner in KPMG
On 1 February, Henrik R. Mulvad will officially join KPMG as new senior partner and CEO after Thomas Hofman-Bang that successfully built a new and stronger KPMG during the last five years. Henrik will take over a company fit for sustainable growth and continue the growth journey.

"I am very proud to join KPMG and become part of this diverse and innovative professional services firm with such broad capabilities within audit, advisory and tax. The solid financial performance reflects the great work our employees are doing in close collaboration with our clients, and I will build on this foundation to continue our success in the coming years," says Henrik R. Mulvad, new CEO and Senior Partner of KPMG P/S.

From Best Practice to NewPractice
Best practice is no longer enough to win in a competitive landscape reshaped by data, artificial intelligence and 4.0 Industry-technologies. KPMG has therefore developed a new approach called NewPractice, which provides customers with a strategic business framework based on which the whole spectrum of AI-based technologies can be implemented in a commercial context.

In FY18, KPMG experienced a strong demand for the NewPractice services from a wide range of clients and industries such as Egmont, Nykredit, TDC as well as major international clients within the pharmaceutical, energy and financial services sectors. The NewPractice approach is combined with KPMG's ability to work efficiently across regions with other KPMG member firms. For example, KPMG successfully provided advisory services in connection with the roll-out, implementation and delivery of a global solution for the Rockwool Group in FY18, empowering customer excellence and digitalising the full agenda of Customer Relationship Management. KPMG also helped industry-leading hearing aid company Widex design new efficient data management processes across its global organisation.

Significant wins across Denmark
During FY18, KPMG achieved significant audit wins. In the large clients segment, KPMG won the audit of Royal Unibrew, LM Wind Power and Total E&P Danmark as well as Dansk Undergrunds Consortium (Danish Underground Consortium). KPMG expects the trend to continue in FY19 due to the EU audit reform, which is starting to gain momentum.

In parallel, KPMG assisted the many growth companies across Denmark, which constitute the backbone of the Danish economy, from regional offices in Copenhagen, Aarhus, Kolding and Aalborg. KPMG had a solid mid-market footprint and grew its base of national mid-market clients by approximately 25% over the past year. KPMG's main focus in the mid-market is on innovative start-up companies, fast-growing companies and family-owned businesses.

Increased promotions of women
KPMG values diversity and provides equal opportunities to all genders in recruitment and promotion processes, regardless of nationality, sexual orientation and socio-economic background. In FY18, we were delighted to have increased the promotions of women by 10%. Overall, 35% of all promotions were women, which reflect our commitment to provide equal opportunities in KPMG. Today, 38% of all our employees, including partners, are women, and we are proud to have supported women in their efforts to attain higher positions and that women now represent 40% on our Board of Directors. We are proud to have a balanced gender representation on our Board and in top management. At the same time, we continue to strive for further advancement across all management and staff levels.

Annual Report 2018 (printable PDF 3.2MB)