PracticeAccounting FirmsBDO in fight for fifth spot

BDO in fight for fifth spot

BDO Stoy Hayward is challenging Grant Thornton's position as the UK's fifth largest accountancy firm, results out today show.

Link: Grant Thornton reports 20% rise in revenues

The firm reported fee income for the year of £187.9m, an 11% increase from £169.4m in 2003, compared to GT’s £231m for the year ending June 2004.

BDO managing partner Jeremy Newman pointed to the ‘significant progress’ the firm has made in providing non-audit services to FTSE350 clients as the main driver for the firm’s growth. He also claimed the firm had taken work from the Big Four. ‘There’s a recognition that there’s quality advice outside the Big Four,’ he said

Business assurance fee income grew by 2%, which the firm puts down to the continuing ‘domination’ of the FTSE audit market by the Big Four.

Fees from corporate advisory work, including corporate finance, business recovery and forensic accounting, increased by 19% to £53.7m.

And consolidator Vantis announced a big jump in its first-half turnover and profits on Tuesday, and said that it was already back on the acquisition trail following a six-month break.

In the six months to 31 October 2004, the company brought in £15.1m revenue, 48% high than for the same period last year, while profits jumped a whopping 70% from £1.8m to £3m.

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