KPMG partner profits down more than £100k

PROFITS DISTRIBUTABLE to KPMG partners were cut in 2012.

The firm's accounts filing to Companies House for the year ending 30 September 2012 reveals that the average profit available to distribute is £568,000, down from £682,000 a year earlier.

KPMG had earlier revealed a 13% fall in profits for the year, despite revenues climbing 4% to £1.78bn.

Employment costs for the year, during which KPMG made 275 redundancies, climbed to £698m, from £636m in 2011.

Partner numbers climbed to 602 across the year, from 579.

The firm made an £8m contribution into its defined benefit (DB) scheme during the year, while its net DB liability rose to £149m from £133m.

Its auditors, Grant Thornton, were paid £184,000 in 2012, up from £173,000 a year earlier.