Accountants increase PEP by 22% after successful year

Richard Rose

Accountants BDO have increased their profits per equity partner (PEP) by 22% to £454,000 on the back of the business’s fifth consecutive year of growth.

The jump in PEP resulted from an 11% increase in profits, to £87.6m, and an 8% reduction in the number of partners, which is now 193. Underlying revenues were up 6% to £428m.

BDO has three of its 19 UK offices in the Midlands, with sites in Birmingham, Leicester and Nottingham. Its Birmingham office at Two Snowhill has 15 partners and 220 staff, out of a total workforce of more than 4,500 people.

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.”

Brexit jitters had not impacted client M&A activity, said BDO, with its corporate finance team reporting a high level of deal activity.

More broadly their clients are demonstrating their adaptability as they deal with the challenges the Brexit transition presents.

Rose added: “Our client heartland consists of companies that we call the UK’s economic engine; they are ambitious, entrepreneurially-spirited businesses that are not only driving growth but doing so while dealing with a unique set of opportunities and challenges.

“Brexit is without doubt at the top of the agenda for many. However, our clients are adaptable and have wasted no time in planning for scenarios, assess their supply chains and looking at the implications for their people.”

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