PracticeAccounting FirmsPKF’s partner profits fall as downturn takes toll

PKF's partner profits fall as downturn takes toll

Profits and revenue fall at PKF, hitting partners distributions

PKF’s partner profits fall as downturn takes toll

AVERAGE PARTNERS’ take-home pay dropped at PKF during the past financial year, as tough trading conditions took their toll.

The number of partners fell in 2012 to 70, from 75 a year earlier. With revenues and profits falling, the average profit per member was £188,000, compared to £207,600 in 2011.

The firm, headed by senior partner Richard Bint, paid out its largest profit share entitlement of £570,000 to one member – up from £485,000 a year earlier.

PKF, which has dropped to 12th from tenth in the Accountancy Age Top 50, saw revenues fall to £103m from £108m. Profits fell to £13.6m from £16.2m.

“This country is still in an extended downturn and this continues to have a significant effect on the accountancy and business advisory sector,” the firm said in its accounts filing.

Assurance and advisory revenues held firm at £45.7m, while tax and financial planning dipped to £21.7m from £22.4m. Management consulting fell £1.5m to £10.7m; corporate recovery fell a similar amount to £10.7m; and corporate finance & forensic fell £900,000 to £8.5m.

Its pension deficit grew in the year to £3.8m, from £500,000 a year earlier. The firm put the increased deficit down to a decrease in the market value for the assets, as well as changes in the assumptions underlying the liabilities. It contributed £99,000 to the defined benefit scheme during 2012, and its actuary has advised PKF to make minimum contributions of £93,000 over the next six years.

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