BDO admits ‘blockage’ on FTSE 350 audits

BDO admits 'blockage' on FTSE 350 audits

Jeremy Newman admits international reach is not as wide as the Big Four's as firm formally celebrates overtaking Grant Thornton

BDO Stoy Hayward managing partner Jeremy Newman has admitted the firm still
has problems cracking the FTSE350 audit market.

‘We don’t have the international reach of the Big Four, but we have the
international reach we need. Yet there is still a blockage,’ he told the FT.

BDO was due to release results today showing that it had overtaken fifth
placed firm Grant Thornton.

Annual results released by BDO announced a 27% rise in turnover to a record
£288m for the year to 30 June 2006, while Grant Thornton is expected to announce
turnover of £276m when it reports its own full-year results.

BDO’s growth rate beat the 21% it achieved two years ago, and means that for
the last three financial years it has grown by 70%.

Further reading:

BDO and DTI to investigate Farepak collapse

Accounting firms are best places for women to work 

Awards 2006: Jeremy Newman – Personality of the year

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