KPMG turnover up, profit down

New clients Stobart Group, Matalan, Betfred and agricultural supplier Wynnstay Group helped lift KPMG's Northern revenue by 4% to £221m in the year to 30 September 2012.

The firm's national revenue grew 4% to £1.8bn compared to £1.7bn in 2011. However, UK profit fell 13% to £349m, from £403m last year, due to exceptional redundancy costs.

Jonathan Hurst, KPMG's Northern chairman and Manchester office senior partner, said: "Last year we worked harder than ever in a challenging market to grow revenues at regional and national level. Our North West team's expertise and commitment to delivery have been vital in securing and retaining key clients to support this.

"We've invested in the business, regionally and nationally, with particular emphasis on risk consulting and management consulting which is already paying off, given these areas are leading the growth charge.

"In the North West, in particular, we've continued to develop a centre of excellence for restructuring, seen increased appetite for our forensic services and driven growth in our financial services team."

Hurst added: "Our corporate finance team worked on eight transactions during the first nine months of 2012, including advising the shareholders of Clarke Energy on the business' partial sale to ECI Partners and Gresham Private Equity on its buyout of IESA.

"Our regional transaction services team advised on over 25 deals with a combined value of approximately £1bn during 2012."

Looking ahead, Hurst commented: "There are signs that market conditions are improving slowly, and the first few months of our new financial year have been encouraging. So it stands to reason that we will continue to invest for the future, endeavouring to support the prosperity of our strong client portfolio and the wider North West. Our ongoing commitment to the region is highlighted further by our planned move to One St Peter's Square in Manchester in 2015."

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