BDO see audit fees increase by 16% as firm hopes to increase revenue post merger
Following the merger of BDO and PKF this year, the firm hope to raise their revenue next year. PKF’s financial planning division did not integrate with BDO.
BDO’s revenues grew by 10% to £312m in ‘12/13. This figure also included three months of trading with PKF.
Pre-merger revenue figures for the two firms in ‘11/12 saw a combined income of £384m. Now that the merger is complete the firm hopes to reach the £384m figure next year.
BDO are not having a settling in period for PKF and are looking to recruit more to the team as the firm is looking to improve their markets. The merger had seen some job losses in the beginning.
With 100 new partners on board post-merger, average profit per equity partner remained at £240,000.
Audit fees increased by 16% to £111m. The firm hopes to increase its FTSE 350 audit share to 5%, from 3%, over the next five years.
Tax revenues rose by 8% to £86m, with private client and ex-patriot work for domestic and internal clients on the rise.
Advisory increased by 8% to £115m, with outsourcing, rick and forensic services expected to continue to grow.
BDO International is the fifth largest accountancy network in the world with almost 55,000 people working from their 1,204 offices in 138 countries.
PKF International (previously known as Pannell Kerr Forster) is a global network of accountancy firms. They have around 300 member firms and correspondents in 440 locations in around 125 countries providing accounting and business advisory services.
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