KPMG reports record revenue in UK

KPMG has reported UK revenues of £2.99bn for 2024, with profit before tax growing by 11% to £404m.

However, revenue was only up 1% year-on-year, and Group CEO Jon Holt (pictured) said: “This is a good performance in challenging market conditions. While we focussed on manging costs, we have positioned the business for long-term sustainable growth.”

He went on to explain that the firm has also invested in talent, bringing in around 1,000 new students and promoting 10% more people, as well as increasing the bonus pot by 20%.

The average distributable profit per partner was £816,000.

But for Holt the biggest thing that happened in FY24 was the merging of the KPMG UK and KPMG Switzerland, creating the second biggest network in the KPMG family.

KPMG UK’s tax and legal business saw good growth of 9% during 2024 in response to increased client demand for advice on changes to tax law and assessing and implementing advances in AI and new technologies. Audit grew by 5%, supported by the firm’s investments in audit quality and AI. This growth was offset by a decrease in advisory sales of 4% against a backdrop of depressed UK and global deals markets.