BDO full-year revenues hit record £1bn

BDO has reported full-year revenues of more than £1bn for the first time in its 100-year history. For the year ended 5 July 2024, all three areas of the business – Audit, Tax and Advisory – saw “solid” growth despite a backdrop of economic uncertainty, as total revenues rose by 8.6% to £1.02bn. Operating profits increased by 15% to £227m and average profit per equity partner (PEP) grew by 12% to £681,000. BDO said it is the “strength of its market heartland of entrepreneurial, mid-sized businesses” that strengthened its results. In the previous financial year-ended June 2023, the firm made its largest-ever annual investment into the business of £120m, reducing that year’s PEP by 6%. Altogether, over the last three years, BDO has invested an additional £250m back into the business across all BDO offices in the UK. Commenting on the results, managing partner Mark Shaw said: “In times of change and uncertainty, it makes sense that businesses turn to trusted advisers to guide them. Given our expertise, experience and position in the market, along with continued significant investment in our business, we have recorded a positive set of financial results. “BDO’s market heartland remains the UK’s mid-sized businesses. These entrepreneurial, ambitious and growing businesses are the UK’s economic engine; they are driving economic growth and employment. Their success, combined with the capabilities of our people, have led to our success.” He added: “These businesses are frequently overlooked and undervalued. It is easy for policy makers to focus on large businesses who naturally have the profile to command attention, but businesses that are mid-market or smaller are a vital part of the UK’s growth story contributing £2.4tn of revenues to the economy and 61% of UK employment. They are a huge segment of the economy and one that should be listened to.”