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Today’s news in brief – 31/1/2024

KPMG UK has reported a £64m profit before tax for the year ending September 30, 2023, attributed to a 17% rise in staff costs and a 12% increase in headcount. Despite this, the company recorded a 9% revenue surge to £2.96bn, reflecting growth in capabilities like audit (19%), tax and legal (8%), and consulting (7%). The average partner distribution stands at £786,000, emphasising resilience amid market challenges. CEO Jon Holt expresses confidence in the long-term strategy, focusing on transformation, sustainability, and potential merger benefits for future growth.

A report by Oxford Economics commissioned by CCAB has revealed that the accountancy profession in the UK and Irish economies has contributed £98bn combined in 2022. The profession supported over 900,000 jobs, generating £11.4bn in tax revenues. The GDP contribution grew by 39% between 2017 and 2022. Expenditure on accounting services reached almost £30bn in the UK and €3.4bn in Ireland. The report highlights accountants’ role in navigating challenges like the pandemic, Brexit, and geopolitical crises, showcasing their value in supporting economic growth and stability.

Fortus has announced the acquisition of JWP Creers, one of York’s largest independent accounting firms. The JWPC York team relocated to Fortus’s York office, enhancing service line teams and adding sector specialisms in healthcare, landed estates, and agriculture. The move aligns with Fortus’s 5-year growth strategy, emphasising culture, in-house expertise, sector specialisms, and quality clients. CEO Craig Herbert sees this acquisition as a pivotal step in their growth journey, enhancing services for JWPC clients and expanding their market presence.

Evelyn Partners has reported a “record” £59.1bn assets under management and advice (AUMA) by the end of Q4, benefiting from rising markets and new client inflows. Financial services witnessed gross inflows of £2.1bn in Q4, a 50% increase YoY. Full-year gross inflows reach a record £7.8bn. Professional services operating income grows 9.3% to £656.6m. The completion of acquisitions of Creaseys and Harwood Hutton adds to their achievements. CEO Paul Geddes acknowledges the strong demand for their services amid economic uncertainty, positioning Evelyn Partners for future growth amidst improving sentiment and market conditions.

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