Haines Watts records another strong year of growth
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 eight offices in the North East, Yorkshire and Humber regions which make up just over £6m of total turnover.
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.
Regional Managing Partner, Donna Bulmer 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. We’re now able to advise on wider range of tax matters and private client work, providing business owners with the comprehensive support they need in today’s challenging climate.”
The firm has already recorded 6% in acquired fee growth in the current financial year, which includes a recent merger with Gateshead-based RHK Accountants and Business Advisors.
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 Bulmer
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,” she 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.