Jessica Fino 5 Oct 2018 10:47am

Moore Stephens' revenues jump but profit unchanged

Revenues at Moore Stephens have grown 13% to £137.5m this year, but profits remained at £24.1m

The top 10 firm said it made significant investments in technology and resources across the firm, which had an impact on profits growth.

Still, its revenues grew across its services lines, with outsourcing services seeing the fastest growth, of 39% to £16.3m. Corporate advisory also saw its revenues increase 34% to £6.2m, while management consultancy grew 13% to £12.2m.

Moore Stephens said its audit and assurance and tax advisory arms both saw revenue growth of 11%, to £70.5m and £25.3m respectively.

The firm hired 280 new people over the past year, more than double the 100 recruited one year earlier.

Simon Gallagher, managing partner at Moore Stephens, said, “We’re very pleased with the results for both this year and the previous two, which is testament to the quality of our people and the relationships they’ve built with our clients.

“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.”

Since its merger with Chantrey Vellacott three years ago, the firm has doubled its fee income and grown organically by 43%.