Accountancy sector revenues dip 0.5% in February

Accounting industry revenues experienced a slight fall of 0.5% to £3.9bn in February 2024 compared to the 15.4% increase during the month prior, according to the latest ONS data from today’s (12 April) Monthly Business Survey. 

Meanwhile, the overall professional services sector fell by 1.6% for the January to February 2024 period to £219bn.

Julie Matheson, accounting industry regulatory partner at Kingsley Napley, said: “Although dropping slightly in February, the accounting sector is up 8.4% on the same month last year, proving the resilience of the sector. 

“By comparison, the overall services sector is up by just 3% on last year’s figures.” 

She added: “We know some accounting leaders have been reviewing their cost base, however, hopefully the sector will begin to bounce back, with reports of a more positive wider economic picture in the spring.”