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“Big four” revenues up in 2015

06/05/2016 05:59
The revenues of the four biggest audit firms in Cyprus recorded a slight increase in 2015 due to the rapid growth of their consulting services.

Increased demand for consulting services by banks has given a big boost in the sector as revenue from audit, tax and legal services is stabilizing.

The total revenue of PwC, KPMG, Deloitte and EY, recorded an increase of 2% reaching €174,2 mn. from €170,9 mn. in 2014.

PwC, which is the biggest company based on its turnover, recorded an increase of 2,8% in its revenue reaching €79,5 mn from €77,3 mn in 2014.

Income from audit services increased by 1,3% to €23,7 mn from €23,4 mn in 2014. Consulting services’ revenue rose by 17% to €4,7 mn. Income from tax services rose by 0.9% in 2015 to €11,8 mn.

KPMG’s total revenue showed an increase of 1.8% reaching €45,9 mn from €45,2 mn. Most of it comes from auditing services (€32,2 mn.) which fell slightly by 0,8% compared to 2014. KPMG revenue from audit services is higher than the three other companies.

KPMG income from tax services fell by 4.7% to €7,2 mn from €7,6 mn as income from consulting services recorded an increase of 27,1% reaching €6,6 mn from €5,2 mn in 2014. The increase is partly due to projects concerning the banking sector such as restructurings and the calculation of capital needs.

Deloitte’s total income rose to €32,8 mn in 2015 from €32,6 mn in 2014 and most of it comes from audit and related services (€18,2 mn. or 56% from €18,9 mn or 58%) as income from non-audit services reached €14,6 mn. or 44% against €13,7 mn. or 42% in 2014.

Revenue from consulting services rose to €1,3 mn from €1,2 mn. as revenue from tax and legal services fell to €7,7 mn from €8,1 mn in 2014.

The total revenue of EY recorded an increase of 1.3% in 2015 reaching €16 mn from €15,8 mn. Revenue from audit services represents 68,8% of the total, while 23,1% comes from tax and consulting services.

Income from audit services stood at €11 mn for EY in 2015, while income from tax and consulting services reached €3,7 mn.