BDO Stoy Hayward has delivered spectacular fee income growth of 25% for the
six months to the end of 2005. The mid-tier firm grew revenues to £124.4 from
£99.7m over the same period in 2004.
The growth follows a 21% increase in turnover for the 2004/2005 financial
year, and places BDO at the forefront of the mid-tier’s challenge to the Big
The firm’s managing partner Jeremy Newman said the sustained double-digit
growth showed that the market was recognising BDO’s strengths.
‘We are delighted with these interim results, which show a better than
expected growth in fee income. This is a reflection of the increasing
recognition of the strengths of BDO Stoy Hayward in the marketplace,’ said
Over the interim period BDO has also grown its staff count significantly.
Average staff numbers have increased to 2670 employees, a 27% jump on the
previous period. The increasing numbers of staff are a vital part of the firm’s
strategy to increase client numbers.
‘We aim to recruit, develop and retain the best people to deliver quality
work and excellent service to our expanding client base,’ said Newman.
BDO’s tax practice delivered the highest growth at 27%, while assurance
increased 26% per cent. Corporate advisory was 22% higher, and investment
management increased by 19%.
Growth in assurance and tax was attributed to a higher number of projects for
existing and new clients, and an increase in international assignments. BDO has
also benefited from several new client wins in the mid-cap sector.
Newman said BDO would continue its aggressive recruitment drive in order to
facilitate further growth
‘We have ambitious growth targets for the next two years, and in order to
achieve this, we intend to recruit a further 500 staff,’ he said.
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