Mid-tier firm PKF has warned it is not immune to the worsening economic climate after reporting on Monday that fee income had grown by less than 5% in the year to March.
Giving a mixed appraisal of prospects for the firm, chairman John Wosner said lower growth was expected from corporate finance, while consulting services and corporate recovery were expected to do better.
He said: ‘If clients find it more difficult then it’s going to have an impact on us.’
But the firm hopes its areas of niche expertise will save it from the worst of the downturn affecting the country.
PKF’s reported fee income growth figure of 4.6% increases to 8% when the sale of offices in Exeter and Cardiff are taken into account to obtain the like-for-like growth statement.
Managing partner Martin Goodchild said it was important to view the latest results in context. He insisted PKF’s figures are good considering the current rate of inflation.
He added the firm is not focused on top-line growth but on ensuring a good balance sheet and that the firm was interested in ‘steady maintainable growth’.
PKF has not made any redundancies and it has no job cuts planned. It also said there were no merger plans, but said it was ‘always happy’ to consider offers.
Goodchild said: ‘It’s always been our wish to remain as an independent firm.’
More on PKF’s results at: www.accountancyage.com/Practice/1126289.
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