Partners at accountancy firm BDO will be celebrating bumper pay packets today after it was announced that they'd be receiving a 29 per cent increase in average earnings.
BDO revealed its full-year results for 2015/16 today and unveiled revenues that had smashed through the £400m mark – at £405m they were 3.9 per cent more than the previous year.
Growth in profits was much higher – up 22 per cent to £80m – and drove the rise in the return to partners. The news that partners would receive an increase to an average of £360,000 contrasted a fall in average partner pay at Big Four competitor PwC. Deloitte's partners received a more modest 2.5 per cent hike in results announced in August.
Newly crowned managing partner Paul Eagland described the annual performance as "testament to our partners and people".
Eagland also gave an insight into what had driven the increase in profitability.
"The increase in profits reflects a return on the firm’s investment and ongoing focus on sustainable, profitable growth. Significant regulatory changes has created opportunities for both BDO and our entrepreneurially-spirited clients," he said.
BDO's tax business grew revenues by 20 per cent and its audit division by 8.3 per cent. While its advisory business' revenues were static year-on-year, the firm highlighted that it is the leading reporting accountant for Aim IPOs – a particularly important point given that six of the seven listings in the third quarter of this year have been on London's junior stock exchange.