Moore Stephens - Fastest Growing mid-tier firm in Australia

2018 Top 100 Accounting Firms: Moore Stephens revenue jumps after return to Queensland

Mid-market accountancy network Moore Stephens Australia has posted a revenue jump of almost 50 per cent to $73.5 million after two firms with combined billings of $20 million joined the network during the past year.

The addition of the two firms, which merged to form Moore Stephens Queensland and Northern NSW, was the final piece of a rebuilding effort for the network which was hit by a series of office departures that saw annual billings fall from $136 million in 2011-12 to $50 million last year.

Moore Stephens chief executive Peter Antonius said finding the right firms had been a difficult, multi-year process.

"Finding suitable member firms that were aligned strategically and culturally was challenging," he said.

"There were some very good firms that wished to remain independent and not aligned to a network.

"We needed a clear value proposition that would resonate with prospective member firms."

Fastest growing mid-tier

The network, which now has a presence in every major city outside of Tasmania and the ACT, was the fasting growing of any mid-tier firm and fourth fastest growing of any entrant in The Australian Financial Review Top 100 Accounting Firms list.

Moore Stephens also saw its ranking increase to 18th by revenue, up from 20th last year, in the 2018 list.

The network of independently-run firms now has a fairly balanced mix of services with 37 per cent of income from advisory work, followed by 22 per cent from tax services and 18 per cent for audit. The remaining 23 per cent is for other types of professional services.

Mr Antonius has flagged that more change, driven by the firm's global headquarters, is set to come for the network.

"The firm is moving to a more centralised structure under the direction of an inaugural global CEO Anton Colella," he said.

"This will see a number of changes which will be rolled out globally over the months ahead."

“2018 Top 100 Accounting Firms: Moore Stephens revenue jumps after return to Queensland”. Australian Financial Review. 1 November 2018. 

Reporter: Edmund Tadros