Year in review
“Since coming into role, I’ve been focussed on driving long-term sustainable growth that supports our clients, our communities, our people and the UK economy to thrive. Against a backdrop of so much change and uncertainty, our people have delivered against that aim – working with our clients to navigate the complex and global challenges they face. It’s through their efforts that our business has delivered double-digit growth for the second year running, across every area of the firm. This strong growth has enabled us to invest over £130m back into our business. In our people, new technology and new products.
As we look ahead, I believe the investments we have made today in our people, technology and products mean we’re well placed to navigate the economic and geopolitical headwinds, and support our clients to do the same.”
Jon Holt / Chief Executive, KPMG in the UK
We’ve seen double-digit growth across every area of our business this year due to strong demand from clients to support their transformation plans. Our three-year strategy, focussed on investing for the long-term, is delivering. We’re growing in a way that enables us to invest for the future, meet client demand, strengthen our multi-disciplinary services, invest in new technology and products, and recognise our people.
You can find our full financial results on Financials page.
1) Revenue figures exclude revenue from the firm’s Restructuring business. Including trading from the Restructuring business, the firm posted a 12% rise in revenue from £2.43bn to £2.72bn.
2) Profit figures exclude the disposal of the firm’s Restructuring business in FY21 and the disposal of KPMG Crimsonwing BV in FY22.
3) Partners received an average profit distribution of £717,000, with an additional £40,000 (gross equivalent) allocated to their capital account.
Our strong growth means we’ve been able to invest in our people, recognising their huge contribution. Over the year we’ve promoted 2,649 colleagues, appointed 129 new partners, and hired 3,638 experienced hires and 1,012 graduates and apprentices across the breadth of our UK offices.
We’re also evolving our culture to recognise the changing ways of working and have set a clear ambition and plan on how we’ll do this, underpinned by strong governance and independent oversight. We’ve also partnered with the University of Cambridge to understand how we can best support our employee’s mental wellbeing and help them to thrive. Our new menopause policy and Jump Start, where over the summer months we encourage all colleagues to finish at lunch time on Fridays, are just two of a range of support we offer to colleagues. Our people are more engaged than ever, and we’ve seen positive increases in every category of our annual Global People Survey.
Building an inclusive, diverse and equitable business remains a priority and we’re making good progress against our 2030 targets. But we recognise there’s more to do to ensure everyone progresses through our business at equitable rates, that’s why we published the largest ever analysis of career progression performed by a single business. This work is informing where we take targeted action as part of our long-term strategy. I’m proud our continuing work on this agenda has been recognised and we were named as a top three employer for social mobility for the sixth consecutive year by the Social Mobility Foundation. You can find out more on our dedicated Inclusion, Diversity & Equity pages.
Sustainable, high-quality audits sit at the heart of our strategy as we strive to serve the public interest. The investments we’ve made in our audit business since 2018, focussed on strengthening our governance, controls, technology, culture and training are reflected in the improvement in our latest Audit Quality Results. This year, we’ve also worked with our regulator to conclude a number of historic regulatory cases. You can find out more about the steps we’re taking in our Transparency Report.
This year we’ve supported more than 64,000 people and 1,295 organisations through our community projects, which focus on working collaboratively with schools, charities, community groups and other businesses to strengthen our society and create a lasting impact.
Our people have raised over £500,000 for our National Charity, Marie Curie, in the first year of our partnership that will deliver tangible support to so many. We offer all colleagues six days of volunteering and this year our people have dedicated over 76,000 working hours to support our community projects.
We remain committed to achieving our plan to be Net Zero by 2030 and have made some important progress. 99% of our electricity is now renewable and we’ve achieved a CDP A rating, putting us in the top 2% of over 15,000 companies who disclosed.
*The COVID-19 pandemic created a unique situation where we were able to increase our direct reach significantly due to virtual volunteering. While our FY22 beneficiaries have decreased with a move back to in-person volunteering, positively, we have achieved an increase in beneficiaries against comparable years.