Accountancy and business advisory firm BDO LLP has posted revenues of £578m, a 25% increase on the previous year, in what it called a “landmark year”.
Marking a seventh consecutive year of growth, said the figure represents 15% organic growth, as well as a 10% boost following the firm’s successful merger with Moore Stephens LLP in February 2019.
BDO’s profits also increased by 26% to £134m and it said that the profits. Which includes five months post-merger, will enable the firm to continue to make “significant investments” in its people and technology, including £4m on developing data analytics and audit processing software over the coming year. Average distributable profit per partner (PEP) increased 8.7% to £602,0002.
This year, BDO promoted 13 partners internally and appointed 14 new partners from other firms. A further 1,500 promotions were made across the business, representing almost a third of BDO’s UK workforce, while 390 trainees were recruited – including a record cohort of school leavers.
BDO added its success is down to its focus on its “ambitious and entrepreneurially-spirited” client base, which has remained resilient despite the uncertain political and economic backdrop, as well as the firm’s people, who continue to deliver a “world-class service” to their clients.
Paul Eagland, BDO managing partner, said: “We have had a landmark year, with continued organic growth being enhanced by our merger with Moore Stephens LLP. 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. I’m proud we’ve promoted nearly a third of our people this year and welcomed a record number of school leavers.
He added: “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.”