Record results for BDO
BDO Stoy Hayward is set become the first mid-tier firm to break the #200m fee income barrier after a year fuelled by growth in corporate finance and business recovery services, writes Adriana Zea.
The record figure for the year to 31 March 2001, a rise of 26% over the prior year, makes the mid-tier firm the biggest outside the Big Five, knocking rival Grant Thornton out of top position.
But Grant Thornton, whose fees totalled #164m in the year to June 2000, has not yet come to the end of its comparative accounting period.
BDO’s figures, which will be officially revealed over the next week, show that most of its growth came in its business recovery and corporate finance services, an unusual economic phenomenon according to managing partner Simon Bevan.
He told Accountancy Age: ‘We have a lot of business clients who are merging, buying, floating, and other corporate finance activities and the business recovery team is also busier.’
Bevan added: ‘We see this as proof that the rescue culture is working and there’s good quality turnaround work. The rescue culture has meant that a lot of businesses come to us before it’s too late.’
The mid-tier firm, based in Baker Street, London, also saw an increase in its core audit and tax businesses well above gross domestic product and inflation growth.
Partners culled at BDO Stoy Hayward www.accountancyage.com/Practice/1120432
The numbers you crunch tell a story. Your expertis...
23yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleGlobal spend on accountancy outsourcing up by 40% in the space of five years. News comes as accountancy outsourcing specialist AdvanceTrack reports en...
View articleFollowing a profitability review, Deloitte has decided to scale back its UK deals business due to lower returns. This strategic shift could lead to jo...
View articleUK-based Dow Schofield Watts (DSW), a mid-market professional services network, announced the creation of a new division called DSW Principal Partners...
View articleEY has been undergoing significant cost-cutting measures and streamlining its operations since the abandonment of Project Everest. The firm has made t...
View articleTransitioning from an accounting firm to a consultancy model is only one part of the puzzle. The next, equally vital piece is making the market aware ...
View articleThis framework, while providing a top-line view, underscores the importance of strategic vision, operational excellence, and the spirit of continuous ...
View articleLooking ahead, the Big 4 firms face a challenging year, with ongoing cost-of-living concerns, slow economic growth, rising geopolitical tensions, and ...
View articleLast month it was reported that Deloitte would be cutting approximately 1,200 jobs in the United States, making it the latest of the Big Four accounti...
View article