Moore Stephens London sees revenues and profits fall

MOORE STEPHENS’ London office saw a fall in revenues and profits for the year to April 2012.

Moore Stephens LLP, which mainly comprises a London office and several satellite branches, saw revenues fall to £68m to the year ending 30 April 2012, from £71m a year earlier, according to the latest figures filed at Companies House.

Operating profit for the firm fell to £10.5m, from £11.1m. Partner numbers fell during the period to 57, from 61. They shared an average profit of £176,000, compared to £188,000 in 2011. The most senior member in the firm picked up £458,000, down from £473,000.

The overall number of employees fell to 707 from 731, while staff costs fell £2m to £33m.

Audit and assurance revenues climbed by £1.5m to £42m during the period, however its corporate recovery service line slumped to £6m from £8.3m. Tax advisory also fell sharply, to £9.8m from £11.5m.

Moore Stephens-branded firms sit within a UK network as opposed to a fully-fledged partnership. The network’s member firms posted fees of £138.3m for the year ending December 2011, static on the previous 12 months, according to Accountancy Age’s Top 50+50 Survey of firms. The member firms sit in tenth place in the Top 50 +50 survey.