BDO sees global revenue growth
The accountancy and consultancy firm reports growth of almost 13 per cent after embarking on a series of international mergers.
A combination of mergers and organic growth around the world has seen revenues at international accountancy firm BDO go up nearly 13 per cent, to $7.3bn for the year to 30 September.
The network has increased its number of offices worldwide by more than six per cent, to 1,408 and its global headcount now stands at more than 64,300, an increase of 8.2 per cent.
BDO’s strongest revenue growth has come in the Americas (up 22 per cent) and Asia Pacific (up 10 per cent). In the EMEA (Europe, Middle East and Africa) region, revenues were up three per cent.
In Europe, BDO saw significant mergers in Austria – where the firm was joined by 10 partners from Grant Thornton; Italy – where BDO joined forces with Mazars Italy; France, where BDO carried out four local mergers; and Germany Australia and South Africa also saw BDO on the merger trail.
The US was the most active hotbed of merger activity, however, with BDO USA posting a 29 per cent increase in revenues, to $1.12bn. Four significant mergers in Texas, Ohio, Chicago and Florida contributed to this as well as organic growth in the US market.
Having to consider a merger or acquisition in order to survive is a very real eventuality
BDO also opened up a presence in two challenging locations, the West Bank – with a new office opening in Ramallah – and Rwanda.
Martin van Roekel, global CEO of BDO said: “The mid-tier accountancy market has become increasingly consolidated in recent years, driven by the requirements of an ever-growing number of global clients requiring international expertise.
“The concurrent challenges of increasing costs, a shrinking talent pool, the need to invest and to manage regulation demands mean that most of the firms and networks outside the six largest have very small market shares and are starting to assess the sustainability of their margins. Having to consider a merger or acquisition in order to survive is a very real eventuality.”
The CEO added: “BDO is well placed to continue building on our success, as both public and private entities are attracted to the breadth and quality of our service offerings and our industry expertise. We have an efficient infrastructure, proven global capabilities and the momentum and power to continue at the forefront of the ongoing consolidation of the mid-tier.”