KPMG UK records revenue of £2.99billion in a challenging market

Investment in the business, talent, AI and new technologies create a strong base for future growth

Investment in the business, talent, AI and technologies creates a base for future growth

  • KPMG UK reports revenue of £2.99billion for 2024
  • Profit before tax grew 11% in 2024, compared to previous year
  • Investment in the business, talent, AI and new technologies create a strong base for future growth

KPMG UK recorded revenue growth of 1% to £2.99billion for its 2024 financial year, with profit before tax growing by 11% to £404million.

Jon Holt, Group Chief Executive and UK Senior Partner, KPMG said:

“This is a good performance in challenging market conditions. Over the past 12 months our teams have worked incredibly hard to make sure our firm and our clients could adapt, succeed and grow in an uncertain business environment.

“While we’ve focused on managing our costs, we have positioned the business for long-term sustainable growth. We continued to invest in AI and new technologies, audit quality and our communities, and merging with KPMG Switzerland has opened up new markets and new client opportunities, to create more diverse and exciting career paths for our people.

“We also invested in talent - bringing in around 1,000 new students and promoting 10% more of our people to put the right skills and pipeline in place, as well as increasing our bonus pot by 20%.

“We have an important role to play as a business and through our clients in the UK’s journey to economic growth.”

KPMG UK’s tax and legal business saw good growth of 9% during 2024 in response to increased client demand for advice on changes to tax law and assessing and implementing advances in AI and new technologies. Audit grew by 5%, supported by the firm’s investments in audit quality and AI. This growth was offset by a decrease in Advisory sales of 4% against a backdrop of depressed UK and global deals markets.

In anticipation of market challenges during the 2024 economic cycle, the business took steps to manage its cost base throughout the year, resulting in improved profitability and supporting continued investment.

KPMG UK’s profit before tax grew to £404million for the year ended 30 September 2024, 11% up on 2023 (£364million). Revenue grew from £2.96billion in 2023 to £2.99billion for 2024.

Looking ahead, to position the firm for sustainable long-term growth, KPMG UK and KPMG Switzerland merged on 1 October 2024, creating a new $4.4billion business. It is the second largest in the KPMG global network.

Investing in AI, audit quality and talent

Alongside KPMG International's investment in the global network of $1.7billion in 2024 focusing on tech and AI, talent and ESG, KPMG UK invested £86million throughout the year. This included investment in new technologies to create a platform for future growth. The firm continues to provide its people with access to the latest technologies, including its own generative AI platform KPMG AVA, and Microsoft Copilot.

Audit quality remains a priority and tech, including AI, is central to that commitment. All the firm’s audits are digital.

To continue building a talent pipeline, the business promoted 10% more people than the previous year. The firm also created around 1,000 new opportunities for students. The steps taken to improve KPMG UK’s profitability meant the firm was able to increase the year-end bonus pot for its people by 20% for FY24.

KPMG UK won Organisation of the Year at the Social Mobility Awards 2024. The firm again featured in the Times Top 50 Listmakers for 2024 and also ranked in the top-five Social Mobility Employer Index compiled by the Social Mobility Foundation for the eighth consecutive year.

Investing in our communities and our environment

KPMG UK has continued to invest in its surrounding communities and to manage its environmental footprint. The business supported 332,357 people in its communities through in-office visits, school workshops, and campaign activities through strategic partnerships with National Numeracy and the National Literacy Trust. This is an increase of 92% in comparison to 2023.

In June 2024, the firm selected FareShare as its new national charity partner. FareShare is the UK’s largest charity fighting hunger and food waste by redistributing good-to-eat, surplus food to over 8,000 local charities and community organisations.

Over the next three years, KPMG UK will work with FareShare to turn surplus food into social change and strengthen communities across the UK.

The firm has reduced its Scope 1 emissions by 33% through ongoing investment in energy saving initiatives. The 378 solar panels on its Canary Wharf head office, installed last year, continue to generate substantial renewable energy.

 

Notes to editors:

  • 2024 refers to KPMG UK’s financial year – 1 October 2023 to 30 September 2024.
  • Average distributable profit per partner was £816,000.
  • 20% bonus pot increase was for KPMG UK staff – not partners.
  • To view our FY24 Annual Report visit: Our Impact - KPMG UK

 

About KPMG

KPMG LLP, a UK limited liability partnership, operates across the UK with approximately 17,000 partners and staff. The UK firm recorded revenue of £2.99 billion in the year ended 30 September 2024.

KPMG is a global organisation of independent professional services firms providing Audit, Legal, Tax and Advisory services. It operates in 143 countries and territories with more than 275,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients. 

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