PracticeAccounting FirmsBDO interim revenues climb 17%

BDO interim revenues climb 17%

BDO Stoy Hayward sees interim revenues climb by £21.1m to £145.6m

BDO
Stoy Hayward
grew by 17% over the six months to December 2006 as
revenues climbed by £21.1m to £145.6m.

Corporate finance and investment management showed the strongest growth,
climbing by 47% and 32% respectively. Business recovery improved by 21%, while
tax climbed by a more modest 8%. Assurance revenues also came in 8% up.

Jeremy
Newman
, BDO Stoy Hayward managing partner, attributed the strong
growth in corporate finance to the buoyant
AIM
market
and strong private equity performance, but expressed
frustration with the lack of penetration in the FTSE 350 audit market.

Newman has made a concerted effort over the last six months to push his
firm’s credentials as a FTSE 350 auditor. He has written to 100 FTSE 350 FDs,
approached audit committee chairmen and met with leading fund managers.

‘The barriers to entry to the main list audit market remain,’ he said. ‘We
have been working hard in this area but progress has been modest. Things are not
going to change overnight, but are here for the long haul and will keep
persisting.’

Further reading:

BDO boss bemoans audit committee bias

BDO uses personal touch to win more FTSE audits

Audit choice: a chance to shine

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