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This represents organic growth of 11 percent on the £1,454 million booked in 2006. Profit for the year rose by 20 percent to £447 million, from £374 million in 2006.

KPMG Europe LLP was formed by the merger of the UK and German firms in October 2007, and KPMG’s Swiss member firm has voted to join in 2008.

The combined firm will have more than 20,000 partners and staff, with revenues approaching €4 billion.

KPMG said that bonus and profit share payments to its UK staff will rise to £100 million, up from £80 million last year. The average profit per partner rose by 19 per cent to £806,000, compared to £680,000 in 2006.

Audit revenue rose by six per cent and tax practice revenue by 11 per cent. KPMG saw the strongest growth in private equity, real estate, capital allowances, transfer pricing, supply chain management and pensions activities. Revenue in advisory rose by 13 per cent.

“Since year end, the economic outlook has become more uncertain in the UK as the impact of the credit crunch begins to unfold – and it is too early to forecast where this will lead,” the Big Four firm said.

It added that KPMG’s rate of overall revenue growth in the UK had eased from last year’s level, although it said that the changed business environment is also generating “significant new opportunities”.

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