MOORE STEPHENS, the top ten accountancy firm, has announced revenues of £105.5m, representing 14% growth on the previous combined year’s figures and over £13m of new business.
The firm, which is the largest member of the Moore Stephens UK network, merged with Chantrey Vellacott DFK in May 2015. The strong organic growth, which takes into account both firm’s prior year’s revenues, is the result of the implementation of strong sector and service-driven strategies, leveraging the strengths of both firms.
Simon Gallagher, Moore Stephens’ managing partner, said: “At the time of the merger, we were confident it would provide a platform for continued, sustainable growth – and the excellent top and bottom line results from the first year of trading certainly supports this. The commercial benefits of the merger have been realised very early, which is particularly exciting for the future.”
The results also show profits after tax of £22m (21% of revenue) and an increase in average profit per partner of 33% on the prior year.
“The results are testament to the hard work everyone’s put in over the last year,” says Mike Tovey, former managing prtner of Chantrey Vellacott. “The merger was a coming together of similar philosophies and values to form a strong combined firm. This has been proven with the first year’s financials, and headcount continues to rise to service new and existing clients.”
Growth has come from both traditional sectors and services, as well as more niche areas, such as R&D tax, international funding solutions and high-level IT products.