As fee income at the Top 75 accounting firms approaches £14bn, the cost of investment in technology and talent is squeezing partner profits across the board. Philip Smith analyses the latest financial results, profitability, growth areas and considers the key trends to watch
Continuing a seven-year bull run, growth remains the order of the day in Accountancy’s Top 75 firms survey. At £13.96bn, fee income is up more than £1bn on last year’s survey, a 9% increase.
It is the seventh year of rising revenue and the indications are that this run will continue into 2017, as clients of all sizes turn to their accountants for help in navigating the inevitable uncertainty caused by the UK’s imminent departure from the EU, volatile exchange rates and an equally turbulent international political scene. So it is entirely possible that next year’s survey will, quite literally, trump this year’s results.
Once again, the Big Four firms dominate the revenue standings with a combined income of £10.69bn. In total, the Big Four account for 77% of the fee income reported across the Top 75 accounting firms in the UK.
