BCG rides pandemic to global revenues of $8.6 billion

25 March 2021 3 min. read

Boston Consulting Group has notched global revenues of US$8.6 billion for 2020, aided by its Australia operations to be up by 8 percent over the pandemic-riven year.

The world’s second strategy consulting firm Boston Consulting Group has weathered the global pandemic to record worldwide revenues of US$8.6 billion for 2020, up by 8 percent at constant rates. Growth has however slowed on the previous period’s impressive 14 percent gain, with the latest figures breaking a six-year run of double-digit growth. The firm’s global headcount also grew by around 1,000 to 22,000 over the past twelve months.

“In an exceptionally challenging global economy, BCG adapted, remained agile, and continued to put our clients first,” said CEO Rich Lesser, who took the helm in 2013 when the firm was less than half its current size. “I’m enormously proud of the dedication, inventiveness, and commitment of our team to partner with leaders across every industry to build resilience, protect employees, support front-line workers, and prepare for a strong recovery.”

Revenue of Boston Consulting Group 2002 - 2020

While the firm didn’t provide a geographic breakdown of its 2020 results (BCG is unusual enough compared to its major rival McKinsey & Company in divulging anything at all), it’s clear that the consultancy and its competitors had a bumper year in Australia.

According to analysis from InnovationAus, BCG more than doubled its take in federal contracts alone, including work on the government’s gas-led recovery plans and COVIDSafe app launch.

Noting that the firm’s growth has come during a year of “enormous personal and economic hardship” for people and businesses and those working on the front-lines, Lesser said that BCG has so far invested $150 million to help public and private sector organisations from around the world respond to the havoc wrecked by the global pandemic, such as teaming up on a program launched last year aimed at helping local social enterprises navigate the crisis.

“BCG has an enormous opportunity to help our clients deal with the multiple challenges of recovering from the impact of the pandemic and returning to growth. We will continue to invest to support our long-term client relationships and bolster our commitment to partner with public and private sector leaders to adapt and shape the post-Covid world,” commented Lesser, who also cited long-term investments into digital as a factor in the growth.

In addition, the firm last year made a substantial US$300 million investment into its sustainability efforts and 2030 carbon-positive pledge, recently being named Consultancy Partner of the 26th United Nations Climate Change Conference. “Looking forward, climate action remains one of our most urgent challenges,” said Lesser. “As we partner with clients to help them realise their net-zero ambitions, we have continued to change the way we operate as a firm.”

Globally, Boston Consulting Group operates with a number of brands, including Boston Consulting Group itself (strategy consulting), BCG Digital Ventures (incubation), BCG Inverto (supply chain), BrightHouse (purpose consultancy), BCG Gamma (artificial intelligence) and BCG Platinion (IT implementation), BCG Turn (restructuring), among others.