Accountancy giant posts double-digit profit growth
Accountancy giant BDO has posted an increase in revenues and double digit profit growth in its UK annual results published today.
The firm, which has had five consecutive years of growth, reports underlying revenues of £428m – an increase of 5.7% compared to £405m last year.
BDO profits increased by 11% to £87.6m. This resulted in average profits per equity partner (PEP) growing 22% to £454,000, allowing the firm to attract and retain talent in the business.
BDO says it appointed 25 new partners from other firms in the last financial year and promoted an additional 15 in July. The firm also promoted 1,175 people – a third of its total UK headcount – and has just recruited another 280 trainees into the business.
Richard Rose, partner and head of BDO in the Midlands, said: “The last year has been one of great success against a backdrop of change for the UK economy. Like many firms, we can say we’ve been investing heavily but, importantly, we’ve been investing in targeted areas that help our people and clients succeed.
“Technology and digitalisation are now part and parcel of our daily lives. However we are – and always will be – a people-powered business. It is the hard work and combined efforts of all our people that have resulted in great success – culturally, technically and financially – for BDO this year.”
