KPMG posts strong revenue growth in first UK-Swiss results
Big Four giant KPMG has reported revenue of £3.6bn for its year ended 30 September 2025, in its first year of results since the combination of its UK and Swiss businesses.
These are the firm’s first results following the merger of the UK and Swiss businesses on 1 October 2024, which showed revenue rose to £3.6bn, up from £2.99bn.
Following “careful cost management in response to the economic cycle”, KPMG UK/Swiss group reported £576m profit before tax, up from £404m recovered over 2024.
The firm’s partnership saw average profit per partner increase by 11 per cent to £880,000.
The audit business grew by 5 per cent, and tax and legal increased sales by 6 per cent, driven by client demand for advice on complex regulatory changes.
However, it was its advisory that saw a 3 per cent decrease, against the backdrop of a difficult consulting and deals trading environment.
UK-Swiss combo
The partners voted “overwhelmingly” in favour of merging the two businesses in May 2024, bringing together the UK’s almost 16,000 workforce and the 2,600 Swiss staff.
As a result, the firm said it increased its colleague bonus spend across the group by 18 per cent and supported more promotions.
KPMG also revealed a new in-country exchange programme between the UK and Switzerland was also launched to create more diverse and international career paths.
However, given “ongoing headwinds and industry-wide lower levels of attrition”, the firm continues to focus on managing costs.
Jon Holt, group chief executive and UK senior partner, stated: “The merger of KPMG UK and Switzerland was a defining moment for our firm and our first year has brought new and exciting opportunities for our clients, our people and the communities we work in.”
“By combining our ongoing investment in new technologies with the expertise of our people, we are well-positioned to help our clients navigate uncertainty, transform with AI, and grow successfully.”
Holt added that the professional services “industry is central to this country’s economic strength”.
PwC UK had shown steady financial recovery after generating £6.35bn in revenue. Deloitte’s profit was up by four per cent to £789m. While EY UK saw a bounce back, with fee income growing by 2 per cent over the last financial year to £3.78bn.
The results from KPMG UK/Swiss come as the firm will hold an internal election for its next global chair and CEO, with Bill Thomas set to finish his term later this year.