Profits also increased by 10% to £24.1m from £22m in 2016, despite what Moore Stephens described as ‘significant investments’ across the firm, including into a range of operational improvement initiatives.

These results relate to Moore Stephens offices in London, Birmingham, Bristol, Chatham, Reading, and Watford.  The fee income for the entire network, ranked in ninth place in Accountancy’s 2017 top 75 league table of firms, was £181m.

The firm said growth came from both new and existing clients. 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 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. It has also conducted a recent merger with actuarial consultancy firm James, Brennan & Associates.

Simon Gallagher, managing partner at Moore Stephens, said: ‘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.’

There were 100 new hires over the year, the firm said.

Report by Pat Sweet