&R Block, USA’s biggest tax accountancy firm, has reported a net loss of
$US502.3m (?246.4m) for the quarter ended October 31, stemming from its exposure
to the sub-prime crisis through the discontinued operations of its sub-prime
mortgage business, Option One
The firm said almost all of the wider loss reflected results in its
discontinued sub-prime mortgage business. The net loss from discontinued
operations was $US366.2m, for the fiscal 2008 second quarter, versus a loss of
$35.5m for the previous corresponding period.
Continuing operations posted a net loss of $US136.1m, versus a loss of
$US121m in the year-ago quarter. The company normally reports an operating loss
for its fiscal first and second quarters because of the seasonality in tax
services and business services.
Revenues from continuing operations were up 10%, to $US434.8m, reflecting
increased revenues in all three of the company’s continuing business segments.
But the higher revenues were more than offset by higher operating costs.
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
The firm reports 7.6% global fee income growth for the year ending 31 December 2016