KPMG UK has reported a 13% fall in profits, following a drop from ￡403m to ￡349m in a year it has referred to as 'challenging'. The tax division reported the worst performance with a 3% revenue loss at ￡380m against ￡392m in 2011, while management consulting fared considerably better with 2012 revenues up 12% from ￡255m in 2011 to ￡286m this year. Risk consulting delivered an 11 % uplift at ￡250m, while transactions and restructuring came in at ￡389m and audit - 'a highly competitive market which is also very cost-conscious' - at ￡469m, both recorded more modest growth of 3% each.
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