Hazlewoods, an accountancy and business advisory firm, has announced a turnover of nearly £30m for the year to 30 April 2020.
An employer of over 380 staff across its Staverton and Cheltenham offices, the firm reported a £300,000 year-on-year growth to its turnover.
Despite the growth of its turnover, a rise in administrative expenses of 10% to over £18m has damaged the group’s profitability.
While Hazlewoods had operated over £13.2m profits in 2019, this had fallen by over 10% to £11.9m in the year ended 30 April 2020.
Moreover, the firm also reported a year-on-year decline in turnover from £607,823 to £576,219 in its insolvency services.
Although Hazlewoods did not reveal the full impact of Covid-19 on the firm, the Gloucestershire-based firm was able to increase its liquidity in the run up to the pandemic.
Rising from £4.6m to £6.6m, the group’s net assets attributable to members represented a 43% increase during the period.
Accountancy Today has contacted Hazlewoods for comment on the results.