KPMG reveals double-digit revenue growth and 'overnight' salary increases of up to £4,000

Auditing giant KPMG UK has delivered double-digit revenue growth for a second year with its Scottish operation playing a key role, while confirming “special” salary increases of up to £4,000 for thousands of staff.

Results for the financial year to the end of September reveal a 16 per cent rise in revenue to £2.72 billion, with profit before tax increasing to £449 million, from £436m the year before. The firm said it had invested £130m into “new hires, alliances and technology” as part of its long-term strategy to grow the business, build new services and hire additional expertise.

In May, the firm awarded employees a special “overnight” flat salary increase of between £2,000 and £4,000. It described the rise as “progressive” and designed so that more junior employees received the most proportionally. The payment came in addition to annual pay increases awarded to staff in autumn 2021. In total, the group increased its annual wage bill by £132m. It also distributed a “significant” bonus pot of more than £105m to employees.

Jon Holt, chief executive of KPMG in the UK, said: “We have delivered another year of strong performance thanks to the hard work and dedication of our people. Our three-year strategy, focused on investing for the long-term, is delivering. We’re growing in a way that enables us to invest for the future, meet client demand, strengthen our multi-disciplinary services and recognise our people. Every area of the business contributed to our growth, showing the important role our multi-disciplinary model plays to support our clients with their most complex issues.”

In Scotland, KPMG UK employs some 1,000 people across its offices in Aberdeen, Edinburgh and Glasgow. More than 130 colleagues were promoted during the firm’s financial year, including seven new partners. James Kergon, Scotland senior partner, said: “It’s been another strong year of growth for our firm, our people and our clients. In Scotland we have a key role to play in driving sustainable growth for businesses and organisations of all sizes. We have the right people and expertise in place across Scotland to continue our growth, and play a vital role in Scotland’s economic success.”