PracticeAccounting FirmsMoore Stephens London sees revenues and profits fall

Moore Stephens London sees revenues and profits fall

Moore Stephens' London office sees tax advice and corporate recovery fees drop off

Moore Stephens London sees revenues and profits fall

MOORE STEPHENS’ London office saw a fall in revenues and profits for the year to April 2012.

Moore Stephens LLP, which mainly comprises a London office and several satellite branches, saw revenues fall to £68m to the year ending 30 April 2012, from £71m a year earlier, according to the latest figures filed at Companies House.

Operating profit for the firm fell to £10.5m, from £11.1m. Partner numbers fell during the period to 57, from 61. They shared an average profit of £176,000, compared to £188,000 in 2011. The most senior member in the firm picked up £458,000, down from £473,000.

The overall number of employees fell to 707 from 731, while staff costs fell £2m to £33m.

Audit and assurance revenues climbed by £1.5m to £42m during the period, however its corporate recovery service line slumped to £6m from £8.3m. Tax advisory also fell sharply, to £9.8m from £11.5m.

Moore Stephens-branded firms sit within a UK network as opposed to a fully-fledged partnership. The network’s member firms posted fees of £138.3m for the year ending December 2011, static on the previous 12 months, according to Accountancy Age’s Top 50+50 Survey of firms. The member firms sit in tenth place in the Top 50 +50 survey.

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