This week, Ernst & Young and PwC both released revenue numbers for their most recent fiscal years. Along with Deloitte, who announced their numbers in mid-September, all three firms saw double-digit increases in their advisory/consulting (YEAH, I SAID "CONSULTING") businesses with more modest growth in tax and assurance.
KPMG's fiscal year just ended on Sunday, so if history is any guide, we'll learn their numbers in early December but there's certainly no harm in speculating about what that number will be and MORE IMPORTANTLY, if the House of Klynveld will jump E&Y in global revenues.
Here's the rundown so far:
PwC – $31.5 billion
Deloitte – $31.3 billion
Ernst & Young – $24.4 billion
KPMG – ????
For fiscal year 2011, KPMG had $22.7 billion in revenues, an increase of 10.1% from fiscal year 2010. If he HoK were to have 10% of growth for fiscal year 2012, then they would have ~$25 billion in revenues, overtaking E&Y quite easily. Even If KPMG were only to have a 7.8% increase in revenues (the average of the other three) it would pull slightly ahead of E&Y with approximately $24.5 billion. Unless KPMG had a completely awful year, it will no longer occupy spot #4 in the Big 4.
And, really, it shouldn't be much of a surprise as King Klynveldian Michael Andrew speculated last year that had it not been for a small natural disaster in Japan, his firm would have jumped E&Y. With no large scale death and destruction occurring this past year and no indication that the firm is having any kind of serious meltdowns in its business lines, HoK will, despite all the haters, likely be calling itself #3 very soon.
Of course it'd be even more fun if they announced a 50% increase in revenues and jumped to numero uno, but that seems unlikely.
Not sure how we missed this story but thanks to the random commenter who brought it to our attention. New KPMG Global Chairman Michael Andrew was recently