BDO Annual Results: A resilient performance in a challenging market

Accountancy and business advisory organisation BDO UK has today announced its financial results for the year-ended 4 July 2025.

Against a backdrop of geopolitical uncertainty and fiscal headwinds, BDO UK has delivered a resilient performance while continuing to invest in quality, talent, technology and infrastructure to underpin long-term growth.

The firm – which last month announced its plan to merge with BDO Ireland - says the hard work of its people and the resilience of its market heartland of entrepreneurial, growing and ambitious mid-sized businesses, combined with strong commercial management, have resulted in a robust performance with revenues remaining stable at £1bn (£1.015bn last year compared to £1.005bn this year)¹.

Operating profits fell 7.5% to £210m, with profit per equity partner (PEP) decreasing to £589k (from £681k). This reflects a significant increase in partner numbers for long-term investment and the market environment.

For the first time, BDO UK now has more than 500 partners. In the financial year, it also recruited almost 700 trainees.
 

Business performance

BDO UK's four core business areas – Audit, Tax, Deals and Consulting, Risk & Outsourcing (CR&O) - all navigated tougher market conditions.

Tax and CR&O delivered stable revenue growth (+3.4% and +5.4% respectively), helping to balance performances in Audit (-3.7%) and Deals (-4%), reflecting the underlying strength of BDO's diversified offering.

BDO UK saw strong performances in its Digital, ESG and Risk Advisory offerings. Evolving regulatory developments, an increased focus on sustainability and organisational resilience and a growing need for digital products and services have created opportunities to support businesses in addressing the increasingly complex challenges they face.

In Tax, the team has witnessed growing demand from clients in the technology and financial services sectors, and those backed by private equity.

Looking ahead, BDO UK is optimistic for the future. The organisation expects that growth in its regional locations will outpace London in the coming years, crediting its local market understanding and the performance of businesses in the UK’s regions.

This optimism follows news of BDO UK's planned merger with BDO Ireland, which will cement its position as one of Europe's largest accountancy firms focused on the mid-market of entrepreneurial, growing and ambitious businesses. The enlarged organisation will create revenues of circa £1.1bn and employ 8,500 people, and will broaden BDO's offering in key growth sectors across both the UK and Irish economies.

Mark Shaw, Managing Partner at BDO UK, says: "The last year has confirmed to me the power of people coming together to navigate an ever-changing landscape.

"The well-documented economic headwinds across the UK have resulted in a challenging year for the profession as a whole. Growth rates have slowed and profitability has come under pressure. However, with targeted long-term investments, responsible commercial management and the resilience of our people and the businesses we work with, we have continued to deliver a robust performance.

"I am proud of our continued allegiance to the UK’s mid-market. These businesses are entrepreneurial and ambitious. They innovate and contribute to the success of the UK. I firmly believe that we are the only firm that can credibly take such businesses from start up to the FTSE 100. These businesses form the backbone of UK plc and it is a privilege to be supporting and working with them."
 

Investments in people, technology and infrastructure

In the financial year, BDO UK welcomed 690 trainees (up from 675 the previous year) across its apprenticeship, graduate and industrial placement schemes.

The firm promoted 2,440 people, including 36 new partners, across its 18 UK locations. It now has 501 partners – its highest number to date.

BDO UK's commitment to improving social mobility remains strong, with the organisation recently being recognised by the Social Mobility Foundation in its Top 75 Social Mobility Employers' Index.

Its two core insight programmes aimed at improving access to the profession – Explore BDO and the Black Heritage Programme – have each seen numbers increase by at least 75% this year. The organisation has also recently partnered with Enactus to offer project-based learning for secondary school and university students to assist social mobility.

Investment in technology continues to provide solid foundations for future growth. This includes tools and technology to drive quality and consistency, responsible advancements in AI and in the development of new services to meet the needs of the market in areas such as sustainability assurance and digital risk.

BDO UK also continues to invest heavily in its property and infrastructure, with its move to a new HQ in the heart of London's West End set to complete in late 2027.

In the last year, it has moved to new sustainable office spaces in Manchester and Guildford, with the team in Edinburgh also moving this month. Major refits have taken place in Leeds, Birmingham and Southampton. Harnessing the power of the regions remains a strategic priority in the coming years, with regional growth anticipated to exceed that of London.

Mark Shaw added: "Looking ahead, I see a business that is in the right place to unlock opportunities for our market heartland.

"Our merger with BDO Ireland cements our position as one of Europe's largest accountancy firms focused on entrepreneurial, growing and ambitious clients. As we have always done, we will grow with those clients. That, combined with the continued investment in our people, quality, technology and infrastructure is a bold statement of intent for our long-term growth. We look to the future with confidence.
 

ENDS

 

Note to editors
BDO LLP operates in 18 offices across the UK, employing 8,000 people. It has UK revenues of £1bn.

It provides Audit, Tax, Deals (M&A, Transaction Services, Business Restructuring, Forensic & Valuation Services) and Consulting, Risk & Outsourcing services predominantly to mid-sized, entrepreneurially-spirited, high-growth businesses that are driving growth in the UK economy. BDO calls this segment of the market the UK's economic engine.

BDO LLP is the UK member firm of the BDO international network.

BDO’s global network
The BDO global network provides business advisory services in 166 countries and territories, with more than 119,000 people working out of 1,800 offices worldwide. It has revenues of US$15bn.

Contact

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BDO

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laura.cairns@bdo.co.uk
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