Top Auditing, Tax and Advisory firm, KPMG on Tuesday posted its revenue figures for 2024 which showed the firm has narrowed the gap with its Big Four rivals in the past year.
According to the financial figures posted on Tuesday, the firm had the strongest revenue growth of the Big Four accounting and consulting firms in 2024.
According to the revenue figures released by the firm, it recorded a global revenue of $38.4bn in the 12 months to September 30, a 5.4 % increase from the previous year. In contrast, EY recorded a 3.8% increase, PwC 4.3%, and Deloitte 3.6% within the 2024 fiscal year.
KPMG’s 5.1% rise when the effect of currency fluctuation is removed also outranks the growth of Deloitte, EY, and PwC in 2024. Each of KPMG’s three main business lines also posted growth rates that were at or near the top of the pack.
The strong revenue growth witnessed by KPMG helped narrow the gap between KPMG and its three top rivals that had widened in recent years. Despite a drop in KPMG’s advisory businesses, there was a stronger performance in the firm’s less economically sensitive audit business. The firm’s audit and tax advice revenue was up 6.2% to $13.4bn, while its global tax and legal services business was up 9.6% to $8.7bn.
Speaking on the massive growth, Bill Thomas, KPMG’s global chief executive, said the growth reflected investments the firm had made in technology and training, and faster-growing business lines such as artificial intelligence and environmental, social, and governance (ESG) work.
Thomas whose leadership term was extended by 12 months to September 2026 to see through a three-year investment program said “Commitment to our multidisciplinary model has also fuelled greater synergies, growth, and cross-border collaboration across our network.”
A regional look at KPMG’s profit margins showed a decline in Asia-Pacific, where professional services firms have been struggling with an economic slowdown in China and a political backlash against the Big Four in Australia. In the US, however, the firm’s revenue was up 4.2% to $15.2bn despite a shrink in the firm’s workforce there.
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