Revenue for the first post covid year was up to £809m from £731m for year end 2021. As a result of the investments and the return to pre-covid levels of costs, profit before tax was down 8% to £187m from £203m.

Average profit per equity partner was down 15% to £647,000, reflecting the additional investment in people and increased partner numbers. For the 12 months to July 2022, 59 new partners were hired or promoted. Since July 2022, the firm has already added further lateral hires and internal promotions taking the partnership to 431 today, the largest it has ever been.

The firm has made significant investments in the business after BDO partners made the strategic choice, at the start of the year, to raise levels of investment. This included spending £70m recruiting an additional 1,000 people, promoting nearly 3,000 individuals, increasing salaries and investing in quality, new technology and digital applications.