BDO LLP posts 27% revenue rise and 42% increase in operating profits

Accountancy and business advisory firm BDO LLP has today announced a 27% increase in revenues and a 42% increase in operating profits as it publishes its 2013/14 annual results.

The firm saw UK turnover increase to £384 million and operating profit grow to £78 million. The 2013/14 results are the first to fully reflect BDO’s merger with PKF in April 2013.

All three of BDO’s main business areas showed substantial growth.  The audit business increased by 19% to £128 million; the tax business grew by 21% to £99 million; and BDO’s advisory business grew by 39% to £157 million. It has also promoted more than 800 people across the business this year.

Simon Michaels, Managing Partner at BDO LLP, 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.

“I am proud that for the third year running the independent Mid-Market Monitor has scored us as number one for client service.  This has been the cornerstone of our success and we will continue to work hard to sustain this position.”

BDO remains the leading auditor for AIM businesses and it currently acts for around one third of the FTSE 350 in an advisory capacity, which the firm says it wants to “boost to nearer 50% in the next five years”.

International business continues to be a significant source of income for BDO with clients ambitious to expand abroad.

Simon Michaels said: “Our international network has revenues approaching £7 billion, it now operates across 150 countries and employs nearly 60,000 people.  When it comes to supporting the mid-market across the world, we are in a market of one.  This year our clients have been doing more business overseas and we are well placed to support their growth.”

Looking ahead, BDO is confident about long term growth and investment.  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.

“It has been a great year for our firm and I believe that 2015 will bring increased opportunity for BDO, our people and our clients.”