BDO UK said its underlying operating profits were down 12% to £51.2m and fee income was slightly down on the year before at 283m in the year to 29 June 2012.

The firm said that plans such as the merger with PKF UK expected to be finalised in the spring and continued investment in specialised areas of advisory has lead to the decrease in operating profits.

Audit service revenues were up 5% to £96m. The organic audit growth was attributed to the appointment of three financial services partners. Tax services were down 3% and advisory revenues decreased 4.5%.

BDO UK said the drop in both service lines was down to lower levels of corporate transactions.

Simon Michaels, managing partner of BDO UK commented: "Our strategy has been to prioritise investment in long-term growth and quality to establish a financially strong business for our clients and our people. I’m therefore pleased with our solid performance.
"We are leading our industry in client service and have a strong balance sheet which will support continued investment. We are also part of a thriving international network, recently breaking the $6billion income mark. This means we’re starting 2013 in a good position with an exciting year ahead. Our merger with PKF reinforces our ambition to lead the mid-market from this position of strength."

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