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.’

Related Articles

British Accountancy Awards 2018 – entries open!

Accounting Firms British Accountancy Awards 2018 – entries open!

2w Emma Smith, Managing Editor
Is the accountancy sector facing an international talent crisis?

Accounting Firms Is the accountancy sector facing an international talent crisis?

2w Lewis Silkin
RSM appoints new Chief Operating Officer

Accounting Firms RSM appoints new Chief Operating Officer

2w Alia Shoaib, Reporter
RSM announces 11 partner promotions

Accounting Firms RSM announces 11 partner promotions

3w Emma Smith, Managing Editor
BDO hires former AstraZeneca creative director as head of digital and innovation

Accounting Firms BDO hires former AstraZeneca creative director as head of digital and innovation

1m Emma Smith, Managing Editor
What does the future hold for listed accountancy firms?

Accounting Firms What does the future hold for listed accountancy firms?

1m Fergus Payne, Lewis Silkin
EY, Deloitte lead Big Four in gender pay gap reporting

Accounting Firms EY, Deloitte lead Big Four in gender pay gap reporting

2m Emma Smith, Managing Editor
Mind the gap: what accountancy firms should be doing ahead of the new gender pay gap reporting rules

Accounting Firms Mind the gap: what accountancy firms should be doing ahead of the new gender pay gap reporting rules

2m Karen Baxter, Lewis Silkin