Fee income grew by double figures driven by demand from the firm’s core market of mid-sized businesses, with revenue up significantly to £935m from £809m in FY22. Operating profits grew 5% to £198m, although this was still below pre-covid levels but up on the previous year’s £187m.

BDO strengthened its position as the fifth largest firm in the UK, significantly ahead of other mid-tier competitors.

Average profit per equity partner was down 6% to £609,000, which BDO said ‘reflected additional investments and increased partner numbers’. The firm appointed 61 partners in the last year, bringing the partnership to 441.  

All three areas of the business – audit, tax and advisory – saw significant growth over the last 12 months.

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