Figures for the financial year ended 4 July 2014 reveal national turnover reached £384m, up from £312m for the previous year, while operating profit was up by 42% to £78m. Average profit per equity partner grew by 15% to £275,000.

The 2013/14 results indicate growth was led by BDO’s advisory business which grew by 39% to £157m. Audit income figures increased by 19% to £128m, and BDO continues to be the leading auditor for AIM businesses. Tax turnover grew by 21% to £99m.

The spike in revenue will push BDO back into the number six position in the annual Accountancy Top 75 firms survey, behind closest mid-tier rivals Grant Thornton which reported fee income of £512m in October.

Simon Michaels, BDO’s managing partner, said that while the larger company audit market has been through significant change in the wake of the Competition Commission report, the firm is ‘realistic about short-term opportunities’, with the aim of boosting its market share of FTSE 350 audits to 5% in the next five years.

BDO currently acts for around one third of the FTSE 350 in an advisory capacity and hopes to push that up nearer to 50% over the same timeframe.

Michaels said: ‘Whilst having the ambition, capabilities and people to serve the FTSE 350, our heartland remains the mid-market.’

Michaels was bullish about the firm’s prospects going forward, saying that international business continues to be a significant source of income for BDO as clients look to expand abroad.

‘We are not complacent about the future and accept that a sluggish outlook in the global economy may have an adverse impact at home. 

'However, we firmly believe that BDO is very well placed to continue to see growth into 2015.  We have the strongest balance sheet in the mid-tier which gives us the financial stability to invest for the long term. 

'This has enabled us to invest in new technology and services for our clients with will further strengthen us as we go forward into 2015.’  

BDO has appointed 14 new partners this year and hired nine external partners.In addition, 800 people have been promoted across the firm.

Michaels added: 'A growing economy means a returning 'war for talent'. We work hard to differentiate ourselves and attract excellent applicants. I'm fully confident we can continue to do this by offering our people more opportunities for leadership, empowering them to make the big decisions and encouraging them to express their personalities.

'Including our graduate scheme, school-leaver programme, internship programme and summer school we will recruit over 400 new people to BDO. This – together with our commitments to inclusion via, for example, the 30 Percent Club – will help to ensure fresh and diverse talent continuing to arrive through BDO's doors.'

However, BDO recently announced a retrenchment of its restructuring team as the number of company insolvencies declines. There are plans to make redundancies in that area of the business with 50 jobs put at risk, representing 20% of the current team.