PracticeAccounting FirmsProfit boost for BDO Stoy Hayward

Profit boost for BDO Stoy Hayward

BDO Stoy Hayward, the UK's sixth largest accounting firm, has shown an increase in profitability per partner in the year to March 2002, despite registering a drop in turnover.

Link: BDO strengthens wealth management team

The company, which is currently in the middle of a major restructuring from a collection of regional firms to a single national business, has seen a large number of satellite offices closed or merged over the past year as part of the process. This has led to a drop in income from £201m last year to £194m this time around.

Jeremy Newman, managing partner at BDO Stoy Hayward, said: ‘Although our headline staff figure has dropped from 2,900 to 2,600 due to office closures, we are still actively recruiting partners, including from the Big Four, to increase the quality of our offices.’

He added that the company’s continued focus on quality of service over simply chasing revenue meant that its profits per partner had risen from £183,000 to £193,000. However the drop in partner numbers from 307 to 262 meant an underlying profit fall from £56.2m to £50.6m.

‘We don’t think credibility comes from chasing turnover, but from the quality of partners and the firm,’ said Newman. ‘If we are right then the turnover will eventually come.’

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