Moore Stephens' revenue up 13% in wake of merger
5 Oct 2018
Moore Stephens LLP has grown revenue by 13% to hit £137.5m in the year to 30 April 2018, up from £121.4m in 2017
5 Oct 2018
The firm says it’s change programme has resulted in 43% largely organic growth over the last three years – and doubling fee income compared to April 2015 after its merger with Chantrey Vellacott.
Profit before members’ remuneration and tax came to £24.1m for the year.
Moore Stephens say that ‘continued significant investments in technology and resources’ have contributed to the firm’s success.
Outsourcing services grew 39% to £16.3m, while corporate advisory services turnover increased by 34% to £6.2m.
Management consultancy work increased by 13% to £12.2m, and audit and assurance and tax advisory work both saw revenue growth of 11%, to £70.5m and £25.3m respectively.
'Ongoing transformation initiatives are progressing to maintain a sustainable platform for continued growth, including ongoing delivery of a firm-wide values project, new risk management framework and a host of operational improvements,’ said the firm in a statement.
Recruitment has grown with 280 new hires, compared to 100 last year with a quarter joining the firm on either a graduate or apprentice scheme.
Simon Gallagher, managing partner at Moore Stephens said the firm had done well despite a challenging commercial environment.
‘The current business environment continues to be competitive, with margins being squeezed, uncertainty over Brexit and technology consistently pushing boundaries – which makes this year’s financials even more pleasing,’ he said.
‘The next 12 months will see us focusing on "responsibility for profitable growth". This means building on previous initiatives and developments, and preparing for further innovation and incremental profitable growth.’
Report by Rob Munro