Simpson Xavier records 13% surge in fee income

Strong demand for overseas property development has helped boost fee income at BDO Simpson Xavier, the fifth largest accounting firm in Ireland.

Fee income rose by 13 per cent to €61 million, further consolidating its position in the Irish market, the firm said.

Managing partner Paul Keenan said the firm enjoyed strong revenue growth in corporate finance, wealth management and tax consultancy, as well as considerable demand for overseas property investment.

The firm currently handles a €2 billion property portfolio.

Last year, BDO Simpson Xavier launched a number of property funds, including a €300 million German commercial property fund in partnership with Tyburn Lane Private Equity in London and a €100 million South African commercial property fund to invest in office, retail, industrial and development land in the three key metropolitan areas of Johannesburg, Cape Town and Durban.

In January 2006, it bought a €60 million retail and office development on London's Oxford Street on behalf of a consortium of Irish investors.

"Property is driving a good bit of the increase, but it's not just one area. Activity has been good across the board," said Mr Keenan.

Tax consultancy has grown by about 20 per cent and corporate finance and corporate services business has been very active, he said.

Among the deals in which it was involved last year were the Dublin Aviation Authority's sale of the Great Southern Hotel chain and the Gowan Group's acquisition of Senator Windows.

The firm, which has offices in Dublin, Belfast, Limerick and Cork, also reported significant growth in staff numbers last year by 22 per cent to 550 employees.

Total combined fee income for all BDO member firms worldwide grew by 12 per cent to €3.1 billion.