KPMG's UK partners enjoyed their highest ever pay in 2023, with average payouts reaching £816,000, despite a slowdown in revenue growth. The accounting firm attributed the 11% profit increase to cost-cutting measures, including job reductions and pay freezes. While revenue growth slowed to 1%, profits surged to £404 million, leading to a 20% larger bonus pot for non-partner staff.
KPMG ’s UK partners enjoyed their biggest ever pay-day last year as cost-cutting boosted the Big Four firm’s profits in spite of slowing revenue growth.
The accounting firm reported a 1 per cent rise in revenues for the year to the end of September to £2.99 billion, a sharp slowdown on the previous two years, when growth was 9 and 16 per cent respectively. The profit jump reversed an almost 20 per cent drop the previous year, and meant the firm’s bonus pot was 20 per cent larger in 2024 for non-partner staff.
KPMG UK’s consulting arm has been affected by a slowdown in demand for advisory services, and reported a 4 per cent decrease in sales. Its tax and legal division grew 9 per cent, fuelled by changes to tax laws, while audit grew 5 per cent.
ACCOUNTING PROFITS PAY COST-CUTTING KPMG
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