Merger paying off at BDO
BDO has reported large increases in revenue and operating profit in results which the accountancy and business advisory firm said were the first to fully reflect its merger with PKF in April 2013.
UK turnover at the firm rose by 27 per cent to £384m in the year to 4 July 2014 while operating profit grew to £78m.
All three of BDO's main business areas experienced growth. Audit increased by 19 per cent to £128m; the tax business grew by 21 per cent to £99m; and BDO's advisory business increased to £157m. It has also promoted more than 800 staff this year.
Andrea Bishop, the new partner in charge in the South West, said: "Over the last 12 to 18 months our partner numbers have trebled, our global outsourcing team has doubled in size and there have been a raft of new appointments in our audit, tax and corporate finance teams.
"We have also promoted 27 people locally to service our clients in the South West and Wales, and have appointed a new partner in Paul Falvey to lead our tax team."
The Bristol office has a 160-strong team with ten partners.
Bishop added: "We have a highly experienced team and are already seeing the benefits of this investment with a large number of new clients and prospects. But we are not standing still.
"Moving forward, we are looking to increase staff numbers by 20 per cent and have just taken an additional 6,000 sq ft of space at Bridgewater House to accommodate our growth ambitions."
BDO managing partner Simon Michaels said: "This year's success story is one of accelerated growth and profitability – a testament to the hard work and expertise of all our people.
"It has been a significant year for us. We ensured our merger with PKF was a success and that it did not distract us from providing the level of service that our clients expect. All our people have strived to ensure that the high quality work that we offer our clients has continued."
BDO said it remains the most popular auditor for AIM businesses and it currently acts for about one third of the FTSE 350 in an advisory capacity, which it wants to "boost to nearer 50 per cent in the next five years".
Michaels added: "We are not complacent about the future and accept that a sluggish outlook in the global economy may have an adverse impact at home.
"However, we firmly believe that BDO is very well placed to continue to see growth into 2015.
"We have the strongest balance sheet in the mid-tier which gives us the financial stability to invest for the long term. This has enabled us to invest in new technology and services for our clients which will further strengthen us as we go forward."