But despite the increase in pre-tax profit, overall turnover decreased by 4.8%, with much of the group’s increased profitability down to a low tax rate and decreased costs.
‘The Group’s low tax rate reflects the benefit of corporate tax losses brought forward,’ the company said in the statement. Total costs were also reduced by 10%, to £66m.
The group, which has Bob Morton of Tenon saga fame as its non executive chairman, claims it will continue to grow both organically and through acquisition after posting results which seem to have outperformed much of the industry.
The Systems Union group of companies includes SunSystems, Pegasus Software and REDtechnology.com.
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
The firm reports 7.6% global fee income growth for the year ending 31 December 2016