KPMG delivers 16% growth to book record $2.3 billion income

08 August 2022 2 min. read
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KPMG’s Australian member firm has booked its best year in history, posting revenue of $2.34 billion in its 2021/22 financial year.

In a better-than-expected performance across the board, KPMG lifted its domestic revenue by 16% and hiked its profitability by 8% – an achievement realised by a team of over 12,000 staff, up 25% on the year previous.

“We delivered record financials in the past 12 months as we emerged strongly from the pandemic. The result reflects a remarkable effort by our teams and what we’ve achieved together,” said Andrew Yates, CEO of KPMG in Australia.

Revenue of KPMG Australia 2022

The Management Consulting division was one of the firm’s star performers. The wing saw its revenue jump by 16% to $666 million to become the firm’s largest service area, driven by strong demand for technology, digital, cyber, data and enterprise transformation services.

“Our Management Consulting division continued to experience significant growth as we supported an expanded number of clients to deliver on their increasingly larger-scale transformation agendas,” said Yates.

KPMG’s Audit, Assurance & Risk Consulting service area enjoyed 13% growth to $644 million. Performance within the division was mixed, with Risk Consulting growing by 20% year-on-year, while the Audit practice realised ‘just’ 5% growth.

The Deals, Tax & Legal division meanwhile lifted its revenue by 7% to $412 million (driven by strong growth of the mergers & acquisitions offering), while the Infrastructure Assets & Places and Enterprise divisions recorded the largest growth of all divisions: 22% and 20% respectively.

KPMG’s results include revenue from Fiji and Papua New Guinea member firms for the first time, which is estimated at $23 million. The Big Four firm also consolidated two acquisitions into its numbers – the purchase of mid-market technology firm Rubicon Red and two boutique consultancies.

Beyond financials, Yates said that he is “particularly proud of the progress made enhancing the employment experience of our people. We’ve taken great strides forward this year, including investing heavily in new job opportunities, remuneration and bonuses, transparency around pay, and we introduced our ‘Work from Anywhere’ scheme and 26-week flexible parental leave policies.”