Bumper year sees BDO’s Australian revenues boom to $540 million
The Australian wing of global accounting and consulting firm BDO has cracked the $500 million revenue barrier for the first time, on the back of its third consecutive year of record local growth.
In stark contrast to the Big Four, which have all recorded downturns over the past year, BDO as the country’s fifth largest firm grew its business by 14 percent to $540 million, having only just crossed the $400 million mark in 2022.
And the firm isn’t done yet. With its largest competitors battling multiple headwinds, not least of which is the government’s crackdown on consulting spending, BDO is making a play for the federal public sector with an expansion into Canberra.
The firm said that its advisory division, which includes digital, risk, and cyber, has been a significant driver in recent years, including a 25 percent jump back in 2022 when it booked its biggest gains in a decade. Coming off around 6 percent overall growth in 2021, BDO has since recorded annual rates hovering around the 15 percent mark or greater in the Australian market.
That remarkable rise has seen the firm double its Australian revenues in the space of five years, largely mirroring the growth of the global network, which in collectively bringing in $14 billion now sits in clear fifth place behind the Big Four as the world’s largest mid-tier firm of its kind. The same applies to its local standings, where BDO sits more than $70 million ahead of sixth-place.
In announcing the firm’s upcoming Canberra launch – and the ambition it will add a further $40 million to $50 million to BDO’s bottom line within four years – independent chairman David Fagan revealed that around a fifth of the firm’s public sector business already accounts for around one fifth of its local revenues, while its auditing and tax line has also been claiming a greater market share.
To add further salt into Big Four wounds, BDO has been actively poaching from their partnerships over the past twelve months, with its own national number now sitting close to 300 after passing 250 at just the start of last year – a tally which includes a dozen recent mid-year promotions. All up, the firm has a nationwide headcount of more than 2,500 professionals across its existing offices.
Speaking on the firm’s ability to attract top talent, BDO chief executive partner Tony Schiffmann stated: “We have invested heavily in recent years and created a standout culture in the profession; it aligns with our brand promise of Ideas – People – Trust, and is a key element in our retention strategy and a major drawcard for people looking to join our firm.”
