Jon Holt – CEO of KPMG UK/Swiss Group

The Big Four firm achieved overall sales growth of 2% and a significant 14% rise in pre-tax profit to £576 million. KPMG partner distributable profits rose 11% to an average of £880,000, coming ahead of PwC, making them the second-best paid among the Big Four.

The firm’s growth was driven by its audit and tax & legal divisions, which saw revenue increases of 5% and 6% respectively, fuelled by demand for guidance on complex regulation. The advisory arm experienced a 3% decline, reflecting a difficult environment for consulting and deal-making.

Jon Holt, group chief executive, described the merger as a “defining moment” for the firm. To support long-term growth, KPMG has increased its colleague bonus spend by 18% and launched a new exchange programme to foster international career paths between the UK and Switzerland.

Technological innovation remains central to the firm’s strategy. KPMG continues to embed AI across its audit, tax, and advisory services, utilising digital agents to enhance audit quality and client insights.

KPMG’s performance mirrors a broader recovery trend among the Big Four. PwC UK recently reported £6.35bn in revenue, Deloitte saw profits rise 4% to £789m, and EY UK recorded a 2% growth in fee income.

Looking ahead, KPMG is preparing for an internal election for its next global chair and CEO, as Bill Thomas is set to conclude his term later this year.