BDO, the accountancy and business advisory behemoth, has confirmed that its revenue has exceeded £1bn for the first time in its century-long history.
The London-based firm, which operates nationwide, attributed this milestone to its "continued programme of investment", which saw revenues increase by 8.6% to £1.02bn in the year ending 5 July, 2024, as reported by .
This growth follows a £120m investment made by BDO in the year to June 2023, which resulted in a 6% reduction in its profit per equity partner (PEP). However, the company has now disclosed that its average PEP surged by 12% to £681,000, while its operating profit rose by 15% to £227m.
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In total, BDO has invested an additional £250m over the past three years. These results were announced following Mark Shaw's succession of Paul Eagland as managing partner of BDO 海角视频 on 1 October, 2024, after Eagland completed his maximum of two four-year terms.
Shaw commented: "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 海角视频’s mid-sized businesses. These entrepreneurial, ambitious and growing businesses are the 海角视频’s economic engine; they are driving economic growth and employment. Their success, combined with the capabilities of our people, have led to our success. 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 海角视频’s growth story contributing £2.4t of revenues to the economy and 61 per cent of 海角视频 employment."
"They are a huge segment of the economy and one that should be listened to". In the year to 5 July, 2024, BDO’s audit department achieved a revenue of £433m, an increase of 8.4 per cent on the previous 12 months.
Its tax business also saw a seven per cent rise in its revenue to £241m while the advisory division’s earnings rose by 10.2 per cent to £342m. During the year, BDO increased its partner headcount from 441 to 466, promoted almost 3,300 people and added over 600 trainees.
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Shaw added: "Our people have worked incredibly hard to build what has now become a £1bn firm."
"Our people have worked incredibly hard to build what has now become a£1bn firm. We remain committed to investing in first-class people and first-class infrastructure. The underlying strength of our firm and the talent of our 8,000 people have put us in a great position for the years ahead to work with businesses across the 海角视频 and more widely."
"Uncertainty in the 海角视频 and across global markets is likely to continue, and so we will not become complacent."
"Our heritage allows us to respond effectively to the markets we work in and the businesses we work with."
"As BDO’s new managing partner, I re-iterate our commitments on diversity and inclusion – including on gender balance, ethnicity and social mobility – and I fully support our programmes in these areas."
"As we look to the future, we have a clear strategy for balanced growth; growth which puts serving the public interest, doing the right thing, our culture and our people at its heart."