BDO takes mid-tier top slot
BDO Stoy Hayward has confirmed its position as largest firm outside the Big Five knocking Grant Thornton off the top spot in the battle for mid-tier supremacy.
The firm revealed fee income of £173m, reflecting growth of 26%, for the year ending 31 March 2000 compared to Grant Thornton’s reported income of £164m for the year ended 30 June 2000.
BDO’s growth has been fueled by the boom in e-business advisory work, but the firm also benefited from its merger with Moores Rowland which accounted for just under half the growth.
The firm’s corporate finance services saw significant growth in raising funds for both new economy and traditional businesses, increasing income by 45% to £22m.
In a move towards more disclosure BDO has produced an unaudited financial statement, including partners’ income brackets and balance sheet.
The report reveals that four partners earned between £450,000 and £500,000 this year. Average earnings of partners increased by seven per cent to £150,000.
Simon Bevan, BDO’s managing partner, said: ‘It would be foolish to deny the growth in the economy has helped, but the results are also due to good market positioning and the benefits of the Moores Rowland merger; more business is being done by more people.’ Bevan did not foresee any more mergers in the future.
‘We will be looking for teams rather than firms to grow the business,’ he said.
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