BDO’s global ambitions help revenues soar

Marion Dakers
MID-TIER accountancy group BDO’s ambitions in Asia appear to be paying off, with the firm posting 14 per cent annual revenue growth across its global businesses, propelled by expansion in the region.

BDO, the sixth-biggest accountant in the UK and fifth-largest worldwide, said revenues across all of its member firms increased 14 per cent to €4.63bn (£3.72bn), or six per cent to $6.015bn in dollar terms, for the year to the end of September.

The group said fee income in Asia Pacific soared 48.5 per cent, not including a planned tie-up with PKF in China. BDO remains in talks to combine its UK operations with PKF, and has credited much of its growth in Australia this year to a similar merger.

In Europe, revenue growth was more subdued at 4.6 per cent, with a strong showing in France and Norway.

The firm operates in 138 countries, employing almost 55,000 people – up more than 12 per cent on a year ago, thanks to both merger activity and organic growth.

Audit and accounting services make up 61 per cent of BDO’s work, though advisory services took a small slice of share to represent 21 per cent of the firm’s fees this year.

Chief executive Martin van Roekel, who took the top job in October 2011, said he was delighted by the firm’s progress.

“The alignments realised between us and other mid-tier networks this year and last effectively demonstrate our mutual desire to lead, from a position of strength, the inevitable and long-overdue consolidation in our segment of the accounting profession,” he said in a statement.