Bishop Fleming revenues hit £43m in FY24

Bishop Fleming has delivered another year of double-digit organic growth, as revenues grew to over £43m in the year ending 31 May 2024.

The firm is one year into its five-year ‘Better Growth’ business strategy which is designed to double the size of its business and transform its operations. 

Andrew Sandiford, managing partner of Bishop Fleming, said: “Our Better Growth strategy is ambitious and stretching. But our current performance shows not only that we are on track, but we are going from strength to strength, and we are well positioned to achieve further growth. 

“And it is not just our bottom-line, but sustainable growth that will develop all facets of our business including our people, clients, services, markets, modern working environment and enabling functions.”

The firm is currently partway through a “huge transformational project” that signals a leap forward in its commitment to improving client service and employee experience. At the heart of this project is an investment in a market-leading ERP platform, which it believes will position Bishop Fleming on par with the “very best” firms in the sector. 

Sandiford added: “We are committed to reinvesting back into the business, and whilst we mustn’t be complacent, our current performance is enabling that investment to create a virtuous cycle of continuous improvement.”

An area of the business that has played a “significant” part in the firm’s recent success is the growth of its audit service line and its focus on the corporate mid-market. This drive has resulted in the firm servicing more owner-managed businesses in the South West Business Insider OMB100 rankings than any other advisory firm, including 20% of the top 50 businesses in the South West and nearly half of the OMB100 in Bristol.

Head of audit Joe Scaife said: “I’m delighted that we’ve delivered some incredible growth in Audit. Our fees have risen from £12m to over £20m in the last two years alone, with current rolling twelve-month growth of over 25%. But we’re also attracting some of the very best businesses, organisations and brands that our region has to offer.”

Aligned to the growth of the firm will be a commitment to further increase its headcount, attracting talent from apprentices all the way up to lateral partner hires. In September, the firm will see another cohort of apprentices join, taking the number of new apprentices in 2024 to 75. 

Anna Averis, partner and chief people officer, added: “Earlier this year, we were re-certified as a Great Place To Work demonstrating our commitment to creating a rewarding and modern working environment for our people, and those who wish to join an ambitious firm like ours. Our latest apprentice intake coupled with our ambitious recruitment strategy, will see our headcount grow to well over 500 people this year – testament that our people strategy is working.”