In the past fiscal year ended 30 September 2016, KPMG Switzerland made another good showing with all functions contributing to the new record high. Gross revenues of the Swiss firm rose to CHF 549.0 million (+1.5%) and net revenues increased to CHF 403.8 million (+0.5%). Including services provided by KPMG for companies headquartered in Switzerland, the firm generated CHF 686.0 million in revenues on the Swiss market during the past fiscal year.
Digitalization as the key to transformation
Switzerland as a business location is currently undergoing some major restructuring both outwardly and behind the scenes. This transformation is largely being shaped by digitalization. Switzerland has enormous potential as a location, which is explained in KPMG’s whitepaper entitled “Shaping Switzerland’s digital future”. KPMG invested heavily in its digital services portfolio during the past fiscal year. One of these offerings is “Marketplace”, an innovative platform for procuring human resources at short notice which is unique in the industry.
Audit as a key pillar for investments and future development
Audit posted a good year and succeeded in growing its net revenues to CHF 202.0 million in a highly saturated market. This impressive result was driven to a large degree by high-paced decision making and project management, both of which depend heavily on reliable data analytics and other high-quality information as a decision-making basis.
Tax characterized by Corporate Tax Reform III
With net revenues at CHF 115.9 million, Tax ended the fiscal year nearly on a par with last year’s record high. A contributing factor behind this good result was clients’ need to more precisely analyze the tax-related aspects of the findings of critical examinations of their value chains and transformation processes. Looking ahead, since CTR III is the largest tax reform of the past 30 years and many enterprises still have not addressed the topic in any great depth, it will likely continue to be a key driver of growth in tax advisory services over the next few years.
Advisory caught between digital acceleration and investment reluctance
With net revenues at CHF 85.9 million, Advisory slightly exceeded last year’s record high. In a Swiss M&A market where the number of transactions continues to fall, KPMG’s Deal Advisory business has grown even further. Weak stock market performance early in the year, the unease this sparked and a persistently strong Swiss franc prompted restraint on the market.
In the video below I present the past fiscal year’s key figures and take a quick look at the future challenges facing the audit and advisory business.
Full annual report 2016: Clarity on KPMG Switzerland
- Press release
- KPMG’s Marketplace
- Whitepaper: Shaping Switzerland’s digital future
- Survey: Clarity on Business Location Switzerland
- KPMG’s multi-disciplinary services