KPMG Ireland increases revenues by 15% to €579m

Big Four accounting firm KPMG Ireland increased its revenues by 15 per cent in 2022 to €579 million, according to its latest transparency report.

Within that figure, non-audit services provided to “other entities” contributed €343 million (up from €276 million in 2021) or 59 per cent of revenues in the year to the end of December 2022, the report states. The next biggest source of income was audit and directly related services provided to public interest entities, which accounted for €144 million or 25 per cent of its income.

Non-audit services to audit clients contributed €74 million (down from €88 million a year earlier) or 13 per cent of its revenues while statutory audits and directly related services to public interest entities accounted for just €18 million or 3 per cent of its income for the year. The public interest entities that it audits include Bank of Ireland, Cairn Homes and hotel group Dalata.

The firm hired almost 1,300 new employees last year, bringing its total headcount to 4,326 at the end of December. This represented an increase of 14 per cent on the previous year, according to the annual report, which covered the 12-month period to December 31st, 2022. KPMG said it had completed the first stage of the site development for its new Dublin headquarters on Harcourt Street, which is scheduled for completion in 2026.

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The 26,800sq m (288,500sq ft) building will bring the firm’s Dublin teams under one roof. “We are currently designing our new headquarters to create a collaborative and innovative environment for our people. Our teams appreciate the flexibility of hybrid working arrangements and the benefit of working in the office some of the time, so we continue to deliver the best solution for our people and our clients,” said KPMG Ireland’s managing partner, Seamus Hand.

Mr Hand said “significant progress” had been made during the year in the area of gender diversity. “We have set an ambitious target of new partner promotions to be gender balanced by 2025,” he said.

Commenting on the business outlook for the rest of this year, Mr Hand said: “We see lots of long-term market opportunity and, as such, we continue to invest in our people and in technology across our portfolio to anticipate and meet the needs of our clients. Our commitment to deliver a wide range of services to meet increasing client demand has been reinforced by the launch of KPMG Construction Advisory and the recent establishment of our legal firm KPMG Law.”