Haines Watts has released its latest financial results, with the firm recording a second consecutive year of double-digit growth taking it to a £96m turnover group.
The firm has an office in Cardiff which makes up £1.86m of the company turnover and has seen 26% growth on last year.
Following a strong 16% group revenue growth last year, the nationwide accountancy firm had predicted a slower growth rate in the second half of FY19 due to Brexit but has achieved 13% leap in overall revenues from both organic growth and an active acquisition strategy.
£11m turnover was acquired during the financial year as Haines Watts took over new businesses in London, Birmingham, Liverpool, Bristol and Nottingham with recent acquisitions in the North East expected to flow into next year’s accounts.
Group managing partner Michael Davidson said:
“With the addition of new businesses to our group, we are steadily expanding our service offering which is leading to a rounder advisory service with existing clients and generating new fee income. Haines Watts is now able to advise wider on complex tax matters and private client work; we are fully able to provide business owners advisory support in today’s challenging climate.”
The firm remains firmly in acquisitive mode, already recording 6% in acquired fee growth in the current financial year.
Haines Watts has over 60 offices across the UK and rolled out a regional model in late 2018 to foster greater collaboration across 10 regions.
“We have spent 2019 looking at where every region is in their business cycle and have benchmarked best practice levels – effectively we’ve been getting our ducks in a row which will now leverage our organic growth opportunity. We intend to recruit further across all our service lines and functional support to facilitate regional growth further in 2019/20,” said Davidson.
Haines Watts has already strengthened its leadership team with 13 new partner appointments in April 2019.
“We have spent a lot of time working on developing our people in the last few years through our leadership development programme which has been well received. From this we have rolled out our ‘coaching for success’ programme across the business and we are preparing for a company-wide vision and values project to tie in with this which will prime everyone for a very powerful growth opportunity.
“We know agile and flexible working is attractive to ‘future of work’, so our new offices in Birmingham have no fixed desks and soon we will bring our most recent London acquisitions into our Holborn office and take a similar approach. We are even looking at co-working space for clients in our future plans and are very keen to lead the way in being a modern business unafraid to adopt change,” he added.
Haines Watts continues to see industry recognition with the addition of several awards to its trophy cabinet in 2018/19 including the international accolade GGi ‘Member firm of the year’ and Accountancy Firm of the Year at the FD Excellence Awards.