KPMG’s Irish revenues bounce back after pandemic hit

KPMG’s Irish revenues rose 16 per cent to €504 million in 2021, with the professional services firm increasing its workforce by the same percentage to about 3,800.

The auditing giant, which had recorded a 5 per cent slip in turnover in 2020 as the Covid-19 pandemic struck, cited increased demand “from a successful and growing client base”.

It said it had experienced growth across the firm last year, with its business transformation, cyber and digital services among those performing particularly well.

Merger and acquisitions, transfer pricing, and environmental, social and governance (ESG) services were also identified as areas where activity is increasing.

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Its headcount has crossed 4,000 since the end of 2021, it said.

KPMG managing partner Seamus Hand said he was "optimistic and ambitious" for the business in 2022 and beyond as the needs of its clients evolve "at phenomenal pace".

“Some of the current economic challenges around inflation, availability of talent and competitiveness will command the full attention of policymakers locally and globally, but I am confident that Ireland’s strengths as a location for business will ensure it remains successful through this period,” he said.

"The relative appeal of Ireland as an attractive location for international business continues to underpin the growth of Irish and multinational companies who value both stability and EU market access."

The firm recently acquired the construction consultancy KMCS @ KPMG and announced plans to move to a new Dublin headquarters in 2026.

The new 26,800sq m (288,500sq ft) Harcourt Square development on Harcourt Street will bring its Dublin teams under one roof.

Post-pandemic working

In a transparency report published on Thursday, KPMG acknowledged that the pandemic has forced it to think differently about how it conducts its business.

“How we engage with our clients, how we work, learn and exchange ideas has changed forever,” Mr Hand said.

“Our new hybrid working model is evolving as a mixture of in-person and remote working so our people get the best out of their working experience and our clients continue to get the best support,” he said.

“We are investing significantly in our infrastructure and technology platforms to support new levels of collaboration and innovation while also facilitating the latest emerging ways of working.”

Mr Hand added that KPMG was also “working closely” with its partners to advance its strategy to meet ESG commitments, which include becoming a net zero carbon organisation by 2030.

KPMG, which has offices in Belfast, Cork and Galway as well as Dublin, is Ireland's single largest professional services firm. It has doubled its headcount since 2014, when the firm employed 2,000 people.