BDO partners set for windfall as profits soar
Accountancy firm BDO – which has offices in Nottingham and Birmingham – has posted revenues of £578m, a 25% increase on the previous year.
The results show a seventh consecutive year of growth, this headline figure represents 15% organic growth, as well as a 10% boost following the firm’s merger with Moore Stephensin February.
BDO’s profits increased by 26% to £134m. Average distributable profit per partner (PEP) increased 8.7% to £602,000.
Andrew Mair, partner and head of BDO in the East Midlands, said: “We have had a landmark year in the region, with continued organic growth being enhanced by our merger with Moore Stephens. Together, we’ve created a leading UK accountancy firm advising entrepreneurial mid-sized businesses – but also a firm that can confidently challenge its larger competitors in all areas of audit, tax and advisory work.
“Accountancy isn’t a profession solely about numbers. Our clients buy our people, which is why we continue to prioritise investment in them. We’ve promoted nearly a third of our people this year and hired a record number of school leavers, including ten trainees in the East Midlands.”
“Our strong financial performance in the UK, as well as our membership of a successful global network, has also enabled us to make further investments in audit processing tools, data analytics and robotics. This enables our people to spend their time advising clients on more specialised and complex matters.”
