Kelly Partners reports spike in revenue after rapid expansion
The accounting firm’s revenue jumped to $108.1 million for the 2024 financial year, following further global expansion across the US and India.
Kelly Partners Group Holdings Limited (KPG) has reported annual revenue of $108.1 million for the 2024 financial year, a 29.2 per cent increase from the previous financial year.
Acquired revenue growth of $22 million contributed 26.3 per cent of revenue growth. Acquisitions completed in the 2024 financial year contributed $18.8 million, while acquisitions completed in the 2023 financial year contributed $3.2 million.
Excluding the impacts of the finance broking business and the closure of subscale businesses, organic revenue growth was at 5.3 per cent, said KPG in its results.
Underlying EBITDA for the group was $35.2 million, increasing 49.6 per cent from the previous financial year.
KPG announced and completed six acquisitions during the 2024 financial year, including four in Australia and two in the US.
The group also announced earlier this week the completion of its partnership with FRSCPA, a CPA firm based in Florida.
KPG opened an office in Mumbai, India, in May 2023 and has since grown that team to over 30 members.
The firm announced in its results that it increased its business partners to 96, with 18 new partners joining the group.
KPG founder and chief executive Brett Kelly said the recent acquisitions undertaken by KPG were part of the firm’s plans to become Australia’s global accounting firm for private business owners.
Kelly said he looks forward to further expanding the firm’s international presence to the US and UK where it sees significant opportunities.
“We have invested heavily in our structure, our people, our brand, and our digital infrastructure to facilitate this growth,” he remarked.
The chief executive said building a market position as “Australia’s global accounting firm for private business owners” will take effort to build out in the short term and investment in the medium term, but will enable the firm to attract talent and build an accounting firm of the future.
The firm also remains focused on its proprietary partner-owner-driver model for acquisitions which it has used to complete over 80 partnerships in total.
“KPG continues to work diligently to become the buyer of choice to founders of leading accounting firms that seek a permanent partnership rather than a transaction with a party that seeks to buy them only to later sell them,” said Kelly.
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