Disappointing financials released by PKF

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Mid-tier firm PKF has released disappointing trading figures – the first time
it has done so since converting to limited liability partnership (LLP) status
last year.

In its first annual report the firm reported flat turnover of £101.4m for the
year to March 31, 2006, up from £100.6m in the previous 12 months.

Pre-tax profits climbed from £17.9m to £18.5m following a cut in operating

The firm employs about 1500 staff in 25 UK locations.

Despite the poor showing, PKF senior partner Ian Mills said the accounts
‘clearly demonstrate the financial stability of the firm’.

‘Average profit per partner increased by over 18% on the previous year and
comparable performance statistics demonstrate our fees per partner are among the
highest in the profession outside the Big Four,’ he added.

The best-performing lines included corporate finance, which saw income rise
from £6.1m to £7.5m. Consultancy and other specialist services also recorded an
increase, from £18.1m in 2005 to £18.7m.

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