Profits up 10% despite significant investment programme
Impressive revenue growth across all service lines – up 45% in outsourcing
Over 100 new hires this year as firm continues to attract top talent
Revenue at Moore Stephens LLP, the largest member of Top Ten accountancy network Moore Stephens UK, has increased by 15% in the last year to £121.4 million in 2017*, up from £105.5 million in 2016.
Moore Stephens says the rise demonstrates that its organic growth strategy is paying off and that it is reaping the benefits of successful merger integration following its 2015 tie-up with Chantrey Vellacott.
Profits** also increased by 10% to £24.1 million from £22m in 2016, even though significant investments have been made across the firm, including into a range of operational improvement initiatives.
The results exceeded the firm’s financial targets and mean that Moore Stephens has grown by a quarter in the last two years since launching its new strategy.
Moore Stephens has driven impressive revenue growth across all of its core service lines over the last 12 months. Outsourcing services saw the fastest growth, of 45% to £11.7m, while management consultancy turnover increased by 29% to £10.9m.
Tax advisory work and restructuring and insolvency both increased by 12% in revenue terms (to £22.9m and £5.5m respectively), while audit and assurance was up by 11% to £63.2m.
Moore Stephens says that the growth comes from both new and existing clients, demonstrating the firm’s continued ability to attract new business and to deliver solutions which add increasing value to its offering, helping it to build lasting client relationships.
For example, in addition to providing robust advice in core areas such as tax and audit work, Moore Stephens prides itself on encouraging innovation and new ideas, such as its new ‘Hatched’ programme supporting fast-growth tech start-ups.
The firm has also continued to add to its talent pool, with 100 new hires this year.
Simon Gallagher, Managing Partner at Moore Stephens says:
“These impressive results are testament to our commitment to deliver excellent service and value, and show that our ambitious and innovative strategic vision is yielding real benefits to clients and to the firm.
“Over the last few years we have embarked on a significant change programme, including a fresh strategy and outlook, a new management, governance and operating structure and a major merger, which we have successfully embedded to drive value.
“Our approach has enabled us to build on and develop our client relationships, continue to attract top flight talent to enhance our capabilities and improve our performance, as well as winning us numerous awards. We look forward to building on this in the years ahead."
Moore Stephens adds that its recent merger with actuarial consultancy firm James, Brennan & Associates will support its continued growth strategy and broaden its services to clients.
*Year to 30 April 2017
**Before members’ remuneration and tax