BDO Report Rise In Turnover

Tue, 27 Nov 2007

BDO Stoy Hayward has become the ‘firm to beat’ as a result of its higher public profile following the audit choice debate and the string of awards for ‘best place to work’ it has received, according to managing partner Jeremy Newman.

Newman, speaking as the firm announced a 10 per cent rise in turnover to £317m for the financial year ending 30 June 2007, said other large firms were now competing more aggressively against BDO than they were two or three years ago.

In June BDO took the audit of FTSE 250 mining company Randgold Resources from PricewaterhouseCoopers, putting its total number of FTSE 250 audits at six.

"We are winning more non-audit work than audit work,'" Newman stated.

"We are doing more tenders, but sometimes I wonder if we are just invited to tender as the obligatory mid-tier firm ."

The forensic services and corporate finance service lines showed the most impressive growth for the firm over the year, with revenues rising by 21 per cent to £30.7m and 19 per cent to £44.2m respectively.

Assurance revenues increased by a more modest 8 per cent to 398.7m, while tax services grew by just 1 per cent to £83.5m.

Overall profits at BDO Stoy Hayward before members’ remuneration and profit shares rose to £72.5m, up 4 per cent.

The firm attributed this fairly modest rise to increased investment in people and upgraded IT infrastructure to handle more sophisticated work and enable international working.
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.