Profit hike for PKF partners
Fee income for PKF has risen by eight per cent to £97.6m in the latest set of published annual results from the firm.
The rise, in line with expectations at the number eight firm in the Accountancy Age Top 50, means profits per partner also rise from £149,000 to £155,000.
Improvements per partner were made despite a dip in net profits from £18.62m to £17.7m, a fall which the firm said was attributable to a substantial investment in new specialist staff to allow the firm to compete in key areas, in particular the firm’s consultancy arm which grew by 10%.
PKF’s best performance came in corporate finance which saw a hike of 22% to fees of £6.3m which includes high profile contracts such as advising Brands Hatch on the acquisition of Interpublic.
Forensics are also growing at PKF which is advising the Treasury Solicitors Department on claims made by 150 trawlers for financial loss.
Martin Goodchild, managing partner at PKF, said: ‘Our priority has been to keep the business focused on the areas we want to grow for the benefit of our clients whilst maintaining our profitability.’
He said the growth in consultancy ‘reflects in part the high demand for our services in the fast-growing technology and e-commerce sector along with high-profile work’ in more traditional areas.
