PKF is the fastest growing major accountancy network in the UK and Ireland, according to Accountancy magazine’s latest annual ‘Top 75 Firms’ survey, which was published earlier this month.
The combined UK and Ireland operations of PKF Cooper Parry, PKF FPM, PKF Francis Clark, Johnston Carmichael, PKF KLSA and PKF Littlejohn reported fee income growth of 53% in 2016. The PKF UKI firms, based in the UK, together generated fees of £125.3 million, making them the 11th largest accountancy operation in the survey. With the inclusion of the Dublin and Jersey firms the total PKF UKI firms generated fees of £130.1 million. The new network income now exceeds the income generated from the previous network.
This impressive expansion reflects healthy organic revenue growth across all of the member firms in the UK and Ireland, with some entities experiencing significant top line increases. The addition of Francis Clark to the PKF family in April 2016 and the merger of Clement Keys and PKF Cooper Parry also contributed to the strong performance.
In assurance services, PKF UKI consolidated its 10th place in the rankings, with fees increasing by 49% to £56.4 million. In tax, the firms jumped from 14th to 11th place thanks to a 61% rise in fee income to £31.3m; they were only £1.5 million away from breaking into the top 10 for the first time.
Carmine Papa, Chair of the PKF family in the UK and Ireland, said: “It’s an exciting time to be part of the PKF family in the UK and Ireland. We’re growing faster than anyone else because we’re investing in our operations, introducing additional service lines where we see opportunities to help clients, winning more work from current and new clients, raising our levels of client service, and taking on more partners and staff. Although we’re independent firms, we’re working together more closely than ever before – and that’s making a real difference to the scale and sophistication of the services that we’re able to offer. There’s scope for further collaboration in the future, and that will result in more opportunities for us and our clients over the coming months. We’re also looking for a limited number of like-minded firms to strengthen our reach and depth, and to grow the network further over the next three years. There are a number of challenges for the year ahead – not least the uncertainty caused by Brexit – but we’ve got good momentum and remain committed to investing in our business. I’m confident that 2017 will be another memorable year for PKF in the UK and Ireland.”