KPMG partner profits fall 10pc on weak M&A and Government spending
The big four firm saw UK profits drop 5pc in 2011 to £396m after what UK chairman, John Griffiths-Jones, called a “tricky year”. The pool of profits shared among the partners fell to £683,000 from £763,000.
Total sales for KPMG’s UK practice rose 7pc to £1.7bn in the 12 months ending September 30, 2011, driven by dramatic growth in risk and tax consulting.
Despite this growth, an increase in the number of partners from 545 in 2010 to 579 meant revenues per partner remained flat last year. Mr Griffiths-Jones said: “Our two weak spots were M&A and Government spending. We thought M&A would recover slightly last year but it hasn’t. That’s why the profit performance is disappointing.”
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