IT HAS been a good news, and successful, year for Basingstoke-based accounting and business advisory group Baker Tilly.
The firm, which has offices on Basing View, has reported a 112 per cent rise in pre-tax profits after it acquired RSM Tenon in September 2013.
The firm said consolidated pre-tax profits rose to £11.9m and turnover increased by 47 per cent to £245million.
Baker Tilly, which has just published its results for the year ended March 31, 2014, said the £32m bank loan drawn to finance the RSM Tenon acquisition has been fully repaid.
Laurence Longe, Baker Tilly’s managing director, said: “This has been a transformational year for the group which has seen a full integration take place within a year of our acquisition of Tenon.
“This achievement was only made possible by the huge contribution and commitment shown by partners and staff from both firms who largely succeeded in providing a business as usual environment for our clients, whilst a full merger and integration process was underway.
“Although the financial performance of a professional services firm in the year following any major merger or acquisition can often be a challenge, it is certainly pleasing to note that both consolidated profits and partner profits rose by significant amounts.
“Also pleasing is the fact that since the year-end, we have fully repaid the long term loan of £32m taken on to finance the Tenon acquisition.
“This was largely made possible by the sale of the financial management businesses acquired in the Tenon transaction which were not considered to be core to our long-term strategy, and we have now returned to a net cash position.”
Mr Longe added: “It’s been a very successful year for the group, and the Tenon transaction has effectively consolidated the mid-tier accountancy firm market. We look forward to the future with considerable optimism.”
During the summer, Baker Tilly merged its two Basingstoke offices, with staff at the former RSM Tenon offcies at Vantage, in Victoria Street, moving to Springpark House, on Basing View.
Upbeat for 2015, Mike Blain, office managing partner at Baker Tilly, in Basingstoke, said: ‘‘During the year, we successfully integrated two firms into one in Basingstoke which has given us greater strength and depth of expertise.
“We are now the largest firm of accountants in the town by some considerable margin, and we continue to grow.
“Over the last 12 months, we have recruited 14 new people, bringing our total headcount to around 50 staff.
“The economic outlook for the region is very positive, and we are very optimistic about the year ahead – for us and for our clients across north Hampshire and the Thames Valley.”
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