By Marcus Leach
BDO LLP, the accountancy and business advisory firm, have announced a resilient performance including increased profitability for the 52 weeks to the 1 July 2011, allowing for a continued programme of investment for the future.
“Although the economic environment remains uncertain, BDO has improved profitability despite a slight fall in like for like turnover, reflecting the emphasis that we have placed on strengthening our balance sheet," Simon Michaels, Managing Partner, BDO LLP commented.
"Most importantly we have continued the momentum of building a solid and successful business based on targeted investment. These results are a strong and creditable achievement and one which places us in an excellent position for the future.
“One of the firm’s key strengths is its focus on exceptional client service and it is this unerring commitment that underpins the strength of the BDO brand. To ensure that we continue to deliver, and exceed, the level of service that our clients have come to expect from us, continued investment has become a core strand of our business strategy.
"The regular positive feedback we receive through both our client and people listening programmes has improved considerably over the past year and is a reminder that this is the right strategy to pursue. We will continue to strive for market leading service and delivery.”
Operating profit was up 1.4% on national turnover of £284.7m (down 3.4% from £294.6m on a like for like basis).
During the year, the firm made a significant investment in the area of risk and regulation, including forensic and risk advisory services and this resulted in strong growth. Audit, Tax and Corporate Finance revenues maintained market share in spite of continued pricing pressures. Business Restructuring revenues declined as a result of a notable reduction in market activity.
Looking forward, a major programme of accelerated investment has begun in the financial services sector. This is a sector that spends the most on professional services, a trend which is set to continue due to the impact of increased regulation. During the current and next financial year we expect to double the number of partners and staff operating in this field.
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