Revenue was virtually flat at the UK’s fifth largest accounting firm as BDO reported revenue of £1.005bn for the financial year ending 4 July 2025, compared to £1.015bn last year, which had been a record year for the firm when it broke the billion pound revenue point for the first time.

BDO said the results marked a year of ‘resilient performance’ against a backdrop of ‘geopolitical uncertainty and fiscal headwinds’, stressing that it was able to keep revenues ‘stable’ despite ‘tougher market conditions’.

Operating profits fell 7.5% to £210m, from £227m in FY24, with partner pay down by 13.5% to £589,000 from £681,000 the previous year.

BDO said the drop in profit per equity partner reflected a significant increase in partner numbers to more than 500, as well as the firm’s long-term investment in the business and the market environment.