Email Contact Phone Company Visit Website

Location Office

55 Second Street
San Francisco

Location Office

147 Collins Street




Chandra Kulkarni
[email protected]
Back to all KPMG announcements

KPMG Reports 2009 Revenues of US$20.1 Billion

KPMG, the global network of professional service firms providing Audit, Tax and Advisory services, today announced member firm combined revenues totaling US$20.11 billion for the fiscal year ending September 30, 2009, versus US$22.69 billion for the prior fiscal year, representing an 11.4 percent decline in U.S. dollars; a 2.6 percent decline in local currency terms.

"While overall revenue results for the 2009 fiscal year reflected the global economic downturn, we were pleased that our continued investments in high growth markets resulted in continued growth in those country member firms," said Timothy P. Flynn, Chairman of KPMG International. "The results reflect the resilience and expanding opportunities among developing markets, particularly in Asia where financial services revenues increased by more than 10 percent."

KPMG's strongest performing region was Asia Pacific, with local currency growth of 3.9 percent, driven largely by growth in the Audit practice across the firms. Revenues in the BRIC countries as a group grew 4.3 percent. Middle East and South Asia (MESA), where KPMG is also investing, was the fastest growing practice with a 25 percent growth rate.

Increased Investment in BRIC Countries

"KPMG continued its investment in the BRIC countries, increasing headcount by 11.5 percent this year. Even in a challenging economic environment, we're committed to making long term investments to add specialized skills to support the clients in those regions. Our headcount in those countries as a group has nearly quadrupled in the past ten years," Flynn said.

"The economic projections showing stronger global GDP growth in 2010, with especially strong growth predicted for these markets, is encouraging for the year ahead," he said.

Heightened Need for Risk Management, Changes in Regulation Present Opportunities in 2010

"In our continuing dialogue with Audit Committee members around the world through KPMG's Audit Committee Institute (ACI), three out of four have said that Risk Management has moved to the top of the Board agenda," said Flynn. "That was reflected in this year's results as we saw over 36 percent growth in services related to assessing market risk and implementing programs to monitor market and credit risk."

Flynn added, "As we move into 2010, we continue to work closely with clients in the public and private sectors to help them meet the challenges presented by the current economic environment. KPMG member firms are helping them to improve cash management, optimize costs, and restructure their businesses. In addition, we are beginning to see growth in services designed to help clients navigate through a markedly changed regulatory environment in every part of the world."

Service Line Revenues

Global revenues for 2009 in KPMG's Audit services totaled US$9.95 billion versus US$10.69 billion in aggregated revenues last year. This represented a 6.9 percent decline in U.S. dollars; a 0.5 percent increase in local currency terms.

"KPMG maintained its leadership in the global financial services industry where Audit services' revenues grew 7 percent despite significant industry consolidation," said Flynn.

KPMG's Advisory services recorded combined global revenues of US$6.07 billion in 2009, versus US$7.27 billion last year, a 16.6 percent decline in U.S. dollars; a 6.6 percent decline in local currency. Despite the difficult business environment, there were some bright spots. Advisory practices in a number of markets such as China and the Middle East continued to post double-digit growth during the year despite the significant reduction in corporate activity due to KPMG's range of services designed to help companies improve business performance. Overall, the Performance and Technology service group which provides those services grew two percent.

Revenues for Tax services in 2009 totaled US$4.09 billion across the firms compared with US$4.73 billion in 2008, a 4.3 percent decrease in local currency terms and a 13.4 percent decline in U.S. dollars. Among the growth areas for Tax services in the last year were Transfer Pricing with 5.3 percent growth, Indirect Tax with 8 percent growth, and International Executive Services, which grew 7.8 percent during the year, in local currency terms.

Asia Pacific Region

In KPMG's strongest performing region, Asia Pacific, member firms achieved combined revenues of US$3.07 billion, representing growth of 3.9 percent in local currency terms; a slight 1.1 percent decline in U.S. dollars. Korea, Vietnam and Japan all recorded notable revenue growth in 2009. Korea had 19.4 percent growth, Vietnam and Cambodia recorded 17.5 percent growth, and Japan had 7.2 percent growth, all in local currency terms.

Asia Pacific member firms are beginning to see an increasing number of M&A transactions especially in China and Korea. International Financial Reporting Standards (IFRS) conversion engagements in Korea and Japan have contributed to growth and present future opportunities.

EMA Region

For the EMA (Europe, Middle East and Africa) region, combined KPMG member firm FY09 revenues totaled US$10.73 billion versus US$12.41 billion last year, a decline of 0.6 percent in local currency terms; a 13.5 percent decline in U.S. dollars.

In the EMA region, although FY09 revenues results in Western Europe were lower versus last year, overall business held up well in the face of a very challenging economy. Middle East and South Asia (MESA) was the fastest growing sub-region in EMA and KPMG in Africa achieved 9.3% growth in local currency terms.

Americas Region

In the Americas region, combined FY09 revenue totaled US$6.31 billion in 2009 versus US$7.17 billion last year, a decline of 8.6 percent in local currency terms, or 12 percent in U.S. dollars.

Latin America was not as severely affected by the economic crisis as North America in 2009. Among those members firms in the Americas region that achieved revenue growth, Brazil recorded growth of 5 percent in 2009; Mexico grew revenues 8.2 percent; Venezuela grew 22.9 percent; and Chile's revenues rose 22.7 percent, all in local currency terms.

KPMG member firms in the Americas region also relied on their Audit and Industry market strengths during the year. KPMG Canada, for example, has the leading audit market share in Canada with the number one position in energy, financial services, and information, communications and entertainment. The U.S. firm maintained its leadership in the financial services sector.

Building Confidence

"The top priority for governments and businesses around the world must be rebuilding trust and confidence in our financial systems in order for investors to trust in the capital markets and to open the door to a sustained recovery. KPMG is committed to working with the public and private sectors to achieve that goal," Flynn said.