Baker Tilly sees turnover grow by 47%

ACCOUNTANCY and advisory firm Baker Tilly has reported strong financial results for a milestone year which saw it rescue rival RSM Tenon out of administration.
 
The firm which has offices in Birmingham and Stoke-on-Trent, has posted a 47% growth in turnover to £245m for the financial year ending March 31.
 
Profit growth was even more impressive. Consolidated profit before tax rocketed up 112% to £11.9m, while Baker Tilly UK Group LLP partner profit was up 28% to £32.5m.
 
The firm said it had seen double-digit revenue growth in all service lines. Tax and advisory was up 41% to £107m, audit and assurance up 23% to £66m, restructuring and recovery up 14% to £27m, and corporate finance up 35% to £16m.

Baker Tilly’s new risk advisory service added £15m to revenues too.
 
Laurence Longe, Baker Tilly’s managing director, said: “This has been a transformational year for the group which has seen a full integration take place within a year of our acquisition of Tenon in September 2013.
 
“Although the financial performance of a professional services firm in the year following any major merger or acquisition can often be a challenge, it is certainly pleasing to note that both consolidated profits and partner profits rose by significant amounts.

“Also pleasing is the fact that since the year-end, we have fully repaid the long term loan of £32m taken on to finance the Tenon acquisition.
 
Looking ahead Longe said: “The outlook for the current year looks promising, with group results on budget for the first eight months and signs of growth throughout our service lines.
 
“It has been a very successful year for the group, and the Tenon transaction has effectively consolidated the mid-tier accountancy firm market. We look forward to the future with considerable optimism.”