PracticeAccounting FirmsProfits and revenues dip again at Moore Stephens London

Profits and revenues dip again at Moore Stephens London

Moore Stephens' London office sees another tough year of trading conditions, across the board

Profits and revenues dip again at Moore Stephens London

REVENUES and profits have again dipped at Moore Stephens London, following on from a tough 2012.

Moore Stephens LLP, the corporate entity that represent its London office and several satellite branches, saw revenues fall to £66.6m for the year ending 30 April 2013, from £68m a year earlier. In 2011, revenues were £71m.

Operating profit fell to £8.8m in 2012/13, from £10.5m in 2011/12. Staff costs were static at £33m, although other operating costs climbed £400,000 to £23.4m.

Staff numbers fell 6% to 663, from 707. The number of employees was 731 in 2011.

Partner numbers climbed to 59, from 57, and average remuneration and profit share was £145,000, from £176,000 in 2011/12. The most senior member of the firm picked up £458,000, the same as in 2011/12.

The firm’s service line performance was slightly worse in 2012/13 than a year earlier, but there were no significant drop-offs in revenue. Audit and assurance brought in £41.4m, from £42m a year earlier. Tax advisory dipped to £9.2m from £9.8m, although corporate recovery climbed to £6.3m from £6m. Management consultancy was static at £7m.

Moore Stephens’ UK network of firms posted revenues of £135.9m for the year ending 31 December 2012, according to the Accountancy Age Top 50+50 survey of firms, placing them at tenth in the survey.

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