All three BDO service lines of audit, tax and advisory grew as gross revenues rose 11% to £731m, up from £660m year on year.

Profit before tax increased after last year’s fall in underlying profits and grew to £203m – up 48% on 2020 and 22% on an annualised basis compared to 2019, when the accounting firm acquired Moore Stephens.

Following last year’s 14% decline in profit per equity partner (PEP), this year’s average partner payout before tax grew to £760,000.

BDO’s growth was due to a largely resilient client base of entrepreneurial mid-sized businesses adapting to pandemic uncertainty as well as a culture of support and wellbeing which empowered its people to do their best work for clients. Downward pressure on operational costs such as travel, which naturally declined due to the pandemic, also had an impact.