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BDO’s Profits Rise as Revenues Top £400m

Paul EaglandRevenues have exceeded the £400m mark for the first time at BDO UK, with profits rising by a fifth as the accountancy and business advisory firm benefitted from strong growth in its audit division.

The company reported underlying revenues of £405m in the year to July 2016, up by 3.8 per cent on 12 months earlier. Profits grew 22 per cent to £80.3m and, as a result, average profits per equity partner (PEP) increased by 29 per cent to £360,000.

New managing partner Paul Eagland (pictured), who assumed the role this week, said the results were testament to the firm's partners and staff who have "worked diligently and passionately over the course of the year".

"The increase in profits reflects a return on the firm’s investment and ongoing focus on sustainable, profitable growth," he added.

BDO’s audit arm increased revenues by 8.3 per cent to £143m, while its tax business upped revenues from £119m in 2015 to £126m. The firm's advisory revenues held steady at £136m.

"The ambitious and high-growth businesses we work with - many of which are in the mid-market, AIM-listed or PE-backed - have continued to succeed despite uncertainty in global markets, the EU referendum and government changes at home," said Eagland.

"This, in addition, to significant regulatory changes has created opportunities for both BDO and our entrepreneurially-spirited clients."

Last week, Simon Michaels stepped down from his role as managing partner after completing the maximum two four-year terms in position.

BDO has offices across the UK including in Belfast, Birmingham, Bristol, Cambridge, Gatwick, Guildford, Ipswich, Leeds, Leicester, Liverpool, London, Manchester, Norwich, Nottingham, Reading and Southampton.

Last modified on Thursday, 06 October 2016 08:58

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