A series of high profile deals and investments led accountancy firm KPMG to boost its revenues in the north by 15 per cent in its full year results.
The professional services giant increased its market share across the region and advised on a number of high profile deals worth a total of £6.3bn.
Two of the big highlights of KPMG’s year ending September 30 included the sale of Sheffield-based firms Go Outdoors and Sumo Digital to JD Sports and Perwyn respectively.
The firm also added Clipper Logistics and Benchmark to its roster of clients and the Leeds tax team provided tax structuring and diligence to the $8bn global deal which saw Liberty Media buy Formula 1.
The business also witnessed strong growth in non-audit services also, with projects at organisations as varied as Medical Protection Society, the NHS and Sky Bet.
Chris Hearld, KPMG’s northern chairman, said: “Our business across the North of England has had an outstanding year, delivering revenue growth of 15 per cent, increasing our market share and working on some high-profile and ground-breaking projects.
“In particular, our M&A teams have had a stellar year advising on some of the region’s landmark transactions, including the disposals of BDP and Clarke Energy, and we’ve seen some significant wins both amongst our larger listed and enterprise client base.
“We’ve made no secret of the fact that in recent years, we have invested heavily across the region – opening new offices in Leeds and Manchester, and a client hub in Sheffield; recruiting 40 new partners and directors; and launching new service lines including our hugely successful enterprise offering.
“The reason we did so is that, although the North is a relatively mature market, we see boundless opportunities ahead – the emergence of tech and digital centres of excellence on both sides of the Pennines; the fact that it’s a hive of entrepreneurial activity and of course, the opportunities created by the devolution and Northern Powerhouse agendas.
“It’s fantastic that we are now seeing the fruits of this investment pay off, but we make no bones of the fact that we need to continue to build on this momentum in the year ahead.”
Mr Hearld said that the despite the fact that the economic and political turmoil of 2016 looked set to continue in 2017, the outlook remained strong.
“Our market-leading M&A team already has a healthy pipeline for the new year which is particularly pleasing in the context of economic and geo-political uncertainty and the potential impact of Brexit on the deals market.”
KPMG is a founding member of the Business North lobby group and has been appointed to work with Transport for the North to help it build the economic case for a transformed Northern Powerhouse rail network.
“Devolution and Northern Powerhouse-related investment will create advisory opportunities encompassing public/private sector partnerships, funding collaborations, infrastructure investments and restructuring,” said Mr Heard.
“Fundamentally, the North is an exciting place in which to live and work, and we’re proud to play such an active part in helping the region to grow.
“For many reasons, 2016 was an extraordinary year, and while there is undoubtedly more economic and political uncertainty to come, we can feel confident about our own outlook for the year ahead.”