PKF reports 12% fee rise
Mid-tier firm announces double-digit growth and lays down the gauntlet to larger sector competitors
PKF has reported fee
income of £130.4m for the year ended 31 March 2007, a 12% increase on the
£116.8m generated in the previous financial year.
The firm said that it was now consistently winning audit, tax and corporate
finance work particularly among
AIM,
smaller-listed and fast growing private companies and issued a challenge to the
larger firms targeting the same market: ‘We have shown this client group that we
are totally capable of delivering what they need and that our proposition is
better value than our larger competitors,’ said PKF senior partner Ian Mills.
The firm’s said that its business increased across its range of services.
Assurance and Advisory grew 11% and remains the largest element of fee income at
£54.1m. Its tax division grew 8% to £28.5m. PKF’s Management Consultancy and
Specialist Services arm posted the largest growth spurt as it increased fee
income by 21% to £25.9m.
Mills said: ‘I am delighted with these results which reflect the success of
our long term strategy for growth. Over the last two years, we have invested
heavily in our most important asset, people; not only in terms of new partners
and staff with different skill sets, but also in training.’
PKF reported that development of untapped sectors such as real estate,
construction, mining and resource, and professional practices had attracted
‘significant numbers of new clients,’ contributing to the fee growth.
Mills said that the firm’s investment in its infrastructure was also starting
to pay off: ‘This is the first year when all the strands of our growth strategy
have started to provide a return on our longer term investment,’ he said. ‘The
firm has pursued has pursued a policy of convergence and centralisation of all
aspects of IT which has both simplified the administration of the systems and
provided real commercial benefit to the business.
Mills added: ‘These figures represent real and sustainable growth and provide
a benchmark for further development. They show we have created a firm basis for
PKF’s ongoing success.’