Haines Watts turnover hits £100m

Haines Watts has announced that the firm broke the £100m barrier by reporting a turnover of £106m in its latest full-year results.  

The firm reported revenue growth of 11%, which was reportedly driven by the group’s continued acquisitive ‘buy-and-build’ strategy. 

In light of this, an increase in turnover “flowed through from FY19’s new territories”, as well as its more recent acquisitions in the North East and Scotland.

Following its expansion, the firm said it is now able to advise more widely on complex tax matters and private client work, as well as provide business owners advisory support in the current “challenging climate”.

It now has more than 70 service lines across the business and over 40 offices across the UK, operating a regional model across in 10 regions to support its local offices.

While the group reported an expected slower growth in profitability at 5% last year, whis was attributed to the firm investing heavily in tech and office environments, as well as its people recruitment strategy into new service line specialisms.

Managing partner Michael Davidson said: “We are pleased to close off last year exactly where we thought we would be, with our acquisition strategy delivering the double-digit growth we have planned.

“With the addition of new businesses to our group, we are steadily expanding our service offering which is leading to a rounder advisory service with existing clients and generating new organic fee growth.” 

He added: “The Coronavirus pandemic has meant we can bring in the experts in all aspects of business, from legal to tax planning, cash flow management to crisis business planning.  

“We have seen in the last few weeks especially that our local to national model works well in times of change, we remain nimble enough to pivot to the climate for our clients by staying locally relevant but with the firepower, and manpower, of a national firm.”