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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