Accounting Industry revenues down in May
Accounting industry revenues fell 2.6% in May 2025 to £3.56bn, compared to £3.64bn the previous month, according to the latest ONS data released today.
May’s figures are also down 2.21% on May 2024’s data and are the second lowest billing for a whole year. The only month when revenues came in lower was August 2024. However, for context, May is typically a lower billing month after financial year ends.
By comparison, revenues in the overall Services sector, which includes the Legal industry, were up slightly by 1.36% to £237.3bn in May 2025, but fractionally down 1.75% on May 2024 data. The overall economy shrank in May 2025 with a 0.1% GDP contraction compared to April.
Julie Matheson, accounting industry regulatory partner at Kingsley Napley said, “May’s billings are partly explained by seasonal trend but also clearly the backdrop of the overall performance of the UK economy is a factor we can’t ignore. Accounting firm leaders will be keenly watching next month’s data to see if we are in a technical recession. Expect investment levels, lower salary rises and cost controls to be on the agenda if the current economic outlook persists.”