BDO boosts global revenues by 15% to record $11.8 billion

16 January 2022 Consultancy.com.au 2 min. read
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The world’s fifth largest accounting and consulting network – BDO – continues to pull ahead of its nearest rivals, posting growth of 15% in US dollar terms in its latest financial year.

Mid-tier accounting and consulting leader BDO has banked US$11.8 billion in global revenues for its 2021 financial year to October, achieving growth of 14.8% in US$ terms (and 10.8% at constant exchange rates) on 2020 figures and a more than $2 billion jump in revenues since 2019 – the majority of those gains occurring over the course of the Covid-19 pandemic.

The Australian wing of BDO contributed close to $350 million to the overall tally, at around 6 percent growth.

Revenue of BDO International

“Our global financial performance is characterised not just by a strong financial result, but by resilience and the value that comes from our many relationships,” said Tony Schiffmann, who has served as BDO Australia’s chief executive partner since the middle of last year. “It wasn’t an easy year for many reasons, but I am extremely proud of the way our teams rallied together to meet, and in many cases exceed, our clients’ expectations.”

As per the global results, the network’s Asia Pacific region was only narrowly pipped by the EMEA (Europe, Middle East and Africa) in growth terms – up 16.9% against 17.4% – and now accounts for 12% of BDO’s global business. The Americas region still contributes the majority of revenues, at 53%, with EMEA bringing in the remaining 35%. Quiet on the regional acquisitions front, APAC growth was wholly organic.

As the world’s fifth largest accounting network behind the Big Four – and now streets ahead of nearest rivals Grant Thornton and RSM – audit and assurance continues to be BDO’s largest service line, accounting for 42% of total revenues. The firm’s tax and advisory practices each contributed 21.5%, and business services and outsourcing added 15% – with the revenue split by practice almost identical to the previous reporting period.

The firm said that its strong 2021 figures were supported by its largest ever intake of employees and partners, with the net 6.8% boost taking its overall global headcount to just a shade under 100,000 professionals. BDO says that many of its new recruits are skilled in sustainability and digital advisory or come from a STEM background.

“At BDO in Australia, we continue to see extraordinary demand for skills in our sector and this is reflected in how we are servicing our clients, attracting high calibre talent and retaining and promoting great people,” concluded Schiffmann. “Most pleasingly, our internal pipeline of partners and future leaders is incredibly strong. We don’t step away from nurturing our talent when things get tough and we remain committed to developing our people.”