KPMG Denmark annual report 2016
In less than three years, KPMG in Denmark has achieved an ambitious milestone by attracting approximately 500 skilled employees and reaching an annual revenue in the range of DKK 500 million across audit, advisory and tax.
The result for FY16 is six times the revenue base KPMG started off with in 2014 and reflects a successful strategy of differentiating KPMG in the Danish market and the Nordics. In FY16, KPMG in Denmark1 has had a strong year with an overall growth in revenue of 30% hereby becoming one of the fastest growing professional services firms in Denmark.
“I'm proud that KPMG is one of Denmark's fastest growing professional services firms. Our strong results are based on our approach to be a catalyst for change and always being value-driven when engaging our clients. We are happy to see this resonating so well with our clients", says Thomas Hofman-Bang, CEO at KPMG in Denmark.
The revenue for FY16 is distributed as follows:
• Audit of financial statements and other assurance services: 31%
• Tax advice: 26%
• Advisory services: 43%
Expanding our services
KPMG has introduced new service lines in Audit in FY16 with focus on providing assurance and accounting advisory services and delivering data-driven auditing to better serve the companies' clients. In addition, KPMG in Denmark strives to be the trusted advisor for medium-sized to large-sized clients in the mid-market segment: an initiative called “KPMG Enterprise”. Therefore, KPMG has spread its competence centres to include Aalborg and Kolding as offices, resulting in five offices operating in an agile set-up across Denmark.
In Advisory, KPMG has established the new service line NewTech, advising clients across industries in Denmark and the Nordics operating in the intersection of business strategy and disruptive technologies like artificial intelligence and Robotic process automation. KPMG implements and analyses the business case in parallel to ensure a fast return on investment. KPMG has recently been ranked as a leader among professional services firms and for being at the forefront of innovation within Data & Analytics by Forrester. This is a consequence of KPMG's significant investments and dedication to data-driven analytics and digital offerings.
The tax landscape is undergoing tremendous change and KPMG sees an increased demand for professional assistance, which requires more than just a standard tax advisor. Highly specialised teams of experts have successfully worked on a multitude of tax-related issues across KPMG clients' businesses resulting in strong growth.
Investing in our people and focus on diversity
Investing in people is also a strategic priority for KPMG, as they are the foundation of the company's success. In FY16, 69 employees were promoted across service lines and positions, and three partners were appointed to strengthen the partner group. In addition, gender diversity ranks high on the leadership agenda. 40% of the Board of KPMG P/S are currently women, while 40% of the workforce are women.
There is a strong focus to increase our diversity in the coming years, both in respect of the workforce, but also in the leadership team. Beyond the social duty to create equal opportunities for all regardless of gender, a diverse workforce performs better together. KPMG therefore aims to continuously improve the gender balance over the coming years, aiming for 50% employed women three years from now, and at least one female representative in the leadership team.
Growing in a controlled and profitable way
KPMG will focus on growing in a controlled and profitable way in FY16-17. The overall marketplace is growing and KPMG expects an increased demand for its services across audit, tax and advisory. KPMG is striving to become the clear choice to clients by solving the issues that matter the most to them and having a relentless focus on quality and excellent service.
1 KPMG P/S and KPMG Acor Tax P/S
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