BDO posts record growth
ACCOUNTANTS and business advisers BDO Stoy Hayward has seen its Yorkshire operation turn in another record set of results with turnover up 37% to £9.1m.
The firm is building on this year's growth by increasing staff numbers in its Leeds office by a further 20 per cent over the next year, including several at partner level.
After recently moving into the city's tallest building, Bridgewater Place, BDO Stoy Hayward now has a team of 130 specialists and support staff, including 14 partners.
Leeds managing partner Ian Beaumont said: “We have had an excellent year across the board. This has allowed us to strengthen our reputation further thanks to a number of key strategic partner appointments within the Leeds office including Graham Newton and Matt Copley.
“Our success this year is a direct result of the outstanding performances of a multi- disciplinary partner-led approach. It is important over the year ahead that BDO Stoy Hayward continues to attract senior individuals who can maintain this level of service to clients. Already this year has seen the appointment of two new partners following the internal promotion of Giles Wharton in the audit stream and the external recruitment of Mark Hunt, who joins as head of business assurance.
“Standout performances came from forensic accounting and corporate finance business streams, which have both exceeded targets to record respective growth in revenues of over threefold and more than double.
With Leeds-based Simon Bevan, national head of fraud at the helm, the Leeds fraud and forensic accounting team has delivered first full year results of close to £1m alongside some significant national work.
Nationally, BDO Stoy Hayward's turnover rose 10% to £317m in the year to June 2007 and profit increased four per cent to £72.5m.
Mr Beaumont said: “Business restructuring has also played a key role in helping us to achieve our regional success. It too has exceeded performance targets increasing revenue by almost 40 per cent on last year and the stream continues to add to its successful 20-strong team.
“One of our central objectives as a progressive accountancy practice has always been to nurture talent from within the firm and this has been particularly evident throughout the past financial year. Internal progression will continue being a priority for us in the coming year.”
This approach is resulting in the firm increasingly being recognised as a leading employer in the region as well as nationally as evidenced by the Employer of the Year prize at this year's Accountancy Age awards announced last week.
Other awards in 2007 include being named as one of the Financial Times' top 50 workplaces in the UK, one of the Sunday Times '100 Best Companies to Work For' and, for the second year running, included in the Times/Aurora 'Where women want to work Top 50.'
Mr Beaumont added: “Our recent business wins have included Fortune 500 listed companies, fully listed plcs and AIM listed companies. High profile deals such as our handling of Eddie Stobart's £138m sale to Westbury, the sale of Doncaster-based Dixon Motors to Pendragon, the £180m acquisition of ISA Group by Electra Partners and RDL Distribution's acquisition by Wincanton, combined with increasing international success has ensured continued growth over the period.
“Our excellent results are testament to a strong team delivering breakthrough client service. We pride ourselves on our partner to staff ratio and I believe this is a key part of our winning formula.”
