Those of you that are dancing on one leg for KPMG’s global revenue results are going to have suffer with the anxiety for awhile longer. We know, we know. We’d love for the whole reporting season to limp into history but we have yet to hear Tim Flynn put his positive spin on this year’s revenue results.
Oh sure, we’re getting teased today by the UK firm and its European parent but this just prolongs the agony:
The UK firm saw revenues fall by 1.6%, to £1.63bn for the 30 September year end.
Profits fell 1.3% to £382m from £387m.
KPMG Europe’s revenues were €3.5bn, a 0.4% decrease on the previous year.
Its joint chairmen said the results were a “creditable performance”.
“We might have hoped for better economic conditions in our second year as a merged firm but rather than put our expansion plans on hold we have continued to pursue a whole range of strategic initiatives that will shape our performance over future years,” said John Griffith-Jones and Rolf Nonnenmacher.
Despite the disappointment Even with this creditable performance, Europe wasn’t without its problems, seeing the tax revenues drop 12%. No worries though, they promise to pull their weight 2010:
After suffering a 12% fall in tax revenues, Griffith-Jones said the service line was set to hold firm with the rest of the business next year.
“We resized the practice, and are fine where we are, [it’s performance] should be much more in line with the rest of the firm – it’s taken the pain.”
That’s the spirit! Lemons into lemonade. Now make with the band-aid ripoff method on these global results. Nobody’s expecting the world. Dump the press release, get a pep talk from TF and get back out there Kylnveldians. Here’s to 2010!
KPMG UK chief lines up modest 2010 growth [Accountancy Age]
The professional skeptic in me is concerned. Why did they have change in another auditors after 4 years?
I don’t think that’s skeptical at all. I think that’s a highly relevant question.
We are hearing win after win, however, this has been a worst year for employees at senior level. We are asked to work crazy number of hours every day, and at the end of the year senior management gets all the profits and bonuses. It is frustrating what is going on here in EY London with no pay increase, no bonus and no promotion. Promotiond are done based on personal likes and dislikes of few people which is very frustrating for all for us.
Same thing here for another B4 somewhere in the western US. Been busting my rear on multiple engagements. Worked 3 months straight without a day off. Won some work even during COVD. My supervisor could give 2 sh!ts, isn’t putting me up for promotion. Meanwhile, one of my colleagues, who doesn’t contribute to the Firm at all other than his 40 chargeable hours per week on a loan staff gig, just got promoted.
Not surprised. My experience was worse
It does seem like they change a lot when they are not required to. I don’t think they like getting comments in their report. The auditor before the last one was PWC and they didn’t have any reportable issues. They are shopping.