The rising oil price has hit profits at all British manufacturing businesses,
according to BDO Stoy Hayward latest Industry Watch report.
BDO said the oil price rise had cost UK companies £11.3bn in the last six
months alone, after world oil prices hit a record high of $75 a barrel in late
The hardest hit industries were shipbuilding and the repair industry.
BDO calculated that higher oil prices will have cut profits in manufacturing
by 59% in the six months from November 2005.
David Hill, business restructuring partner at BDO Stoy Hayward in Scotland,
said: ‘UK industry’s dependence on oil is well-known, but it is shocking to
discover the huge sums of money that businesses must find when oil prices
increase and the effect this has on profitability.’
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