Small business lender Iwoca hits profitability

CHARLIE CONCHIE splitting up our business,” the KPMG chief said.

Fintech lender Iwoca said it hit profitability for the first time in four years last quarter as small businesses scrambled to borrow cash amid soaring costs and a looming recession.

The Big Four accountancy firm grew its revenues 16 per cent to £2.72bn during the financial year ending 30 September 2022.

The uptick in revenues saw KPMG’s pre-tax profits increase by three per cent to £449m, while the average payout given to KPMG’s 786 partners increased 10 per cent to £757,000.

The firm-wide growth was driven by double-digit revenue increases across all four segments of KPMG’s business, including the firm’s audit, tax and legal, consulting, and M&A deals advisory units.

Partners at KPMG’s Big Four rivals, PwC and Deloitte, received handouts of over £1m in their most recent round of results.

Holt said KPMG would continue investing in improving the quality of services.

Bosses at Pets at Home will be receiving lots of plaudits from the firm’s investors