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KPMG Reports 3.9 Percent Growth

New York (Dec. 3, 2002) – KPMG International’s revenue rose just 3.9 percent to $10.7 billion over the past year, the firm reported Monday, down from 9 percent last year.

Financial Advisory Services led the growth, with revenues of $1.35 billion, a rise of 8.6 percent. Assurance services gained 3.4 percent at $6.33 billion, and Tax and Legal Services reached $3 billion, up 2.7 percent from last year.

Strongest regional gains were reported in Europe, the Middle East and Africa, with revenue rising to $5.46 billion, an increase of 8.3 percent.

KPMG chairman Mike Rake told the Financial Times that the days of double-digit revenue increases are over, at least for now, coming on the heels of the spin off of its consulting unit, low consumer confidence and a possible war with Iraq. “I would be overwhelmed with joy if we saw 5, 6, or 7 percent growth in this coming year,” he told the paper.

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