In a year of record revenues, the Top 75 accounting firms have reported 13% growth in income to £21.3bn. Philip Smith analyses the current state of the market from fee growth to profitability and partner numbers, plus league table
It has been a year of double digit growth for the UK’s Top 75 accountancy firms as total combined fee income has now hit £21.3bn, up nearly 13% on last year’s survey.
In fact, total fee income for the sector has now almost doubled over the last decade as the firms have steadily grown during the past 10 years from £11.48bn in 2013 to £21.26bn now. Even a global pandemic failed to put a dent in this upwards trajectory.
However, as with other parts of the economy, storm clouds are gathering, with reports of a slowdown in advisory work, especially around mergers and acquisitions (M&A) work, hinting at staff reductions. But for the moment, the majority of firms are reporting fee income is on the up, with nearly two thirds recording double digit percentage increases.
