BDO revenues push $9 billion, driven by huge growth in EMEA region

13 December 2018

Accounting network BDO has announced revenues of $8.99 billion for 2018, led by growth of 17 percent in Europe, the Middle East and Africa.

Global audit, accounting and advisory network BDO has cemented its place at the head of the mid-tier accountancy table, reporting worldwide revenues of $8.99 billion for its 2018 financial year ending September. The figure represents an altogether 10.7 percent revenue rise from last year, with its EMEA (Europe, the Middle East & Africa) division registering impressive growth of 17 percent.

While the Big Four jockey among themselves for global supremacy – one by one announcing record revenues for this financial year – Deloitte with a whopping $43.2 billion haul, PwC with $41.3 billion, and EY taking in $34.8 billion in turn – the next echelon of mid-tier firms are engaged in an equally competitive tussle among, led by BDO ahead of the likes of RSM, Grant Thornton, and Crowe.

Yet, while BDO makes a break on the chasing pack, with the coming Moore Stephens merger in the UK set to provide an additional boon, the focus remains firmly on the mid-tier market rather than bridging the Big Four gap. “We view our market as slightly different, and I think actually they view us as slightly different as well,” BDO CEO Keith Farlinger told London business paper City A.M.

BDO revenues push $9 billion, driven by huge growth in EMEA

And although the firm fell a fraction short of the $9 billion revenue mark, BDO did however reach another significant milestone this year in surpassing 80,000 employees (spread across 1,591 offices in 162 countries), growing its staff numbers by 8.4 percent amidst an escalating worldwide skilled labour shortage – described by Farlinger to City A.M as a ‘war for talent’ with sector rivals.

“I’d like to congratulate our 80,000 people across BDO for a truly great achievement in 2018,” Farlinger said in the annual report. “Our people are exceptional, there’s no doubt about it. It is them, with the close relationships that they build with each other and with their clients and their excellence in service delivery, that have contributed to our continuing global growth story.”

According the firm, BDO’s recent success is being driven by innovation and investment in technology – with ‘business-critical acquisitions’ such as IT solutions firm SWC Technology Partners in the US, and digital consultancies Ideas at Work and Crossroads in Belgium – and through ‘future-focused software and tools’ utilising AI, blockchain and robotic process automation.

“BDO’s achievements, not only in 2018 but throughout our 55 year story, point to great potential for our organisation in the future,” Farlinger said in conclusion. “But we do not rest on our laurels: the world is transforming very quickly and we will need to keep attracting the best people to our organisation to continue to serve our clients not just well, but exceptionally.”

BDO has a presence across all the major centres of the Middle East and North Africa, including its member firm in the UAE which first joined the network in 1975. Other regional locations include Lebanon, Jordan and the nations of the GCC. Earlier this year, the network appointed a new member in Belize, achieving full sweep of representation in every Central American state.


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BCG books global revenues of $7.5 billion with 19 percent growth

02 April 2019

Boston Consulting Group has booked its fifth consecutive year of double-digit growth, clocking global revenues of $7.5 billion last year.

Global strategy and management leader Boston Consulting Group has capped another busy year with record revenues of $7.5 billion. Starting 2018 off as The Boston Consulting Group prior to the completion of a visual overhaul and minor rebranding in December, the firm may have shed the ‘The’ but it’s managed to add more than $1.2 billion to its 2017 take – to be up by a huge 19 percent at constant rates.

The fifth consecutive year of double-digit growth for BCG – jumping from the 11 percent rise for the prior financial year – the firm noted strong growth across all regions and in both industry and functional areas, with its digital offering doubling in size to contribute significantly in around one third of its revenues across regions and practices. The firm stated that digital will continue to be a priority focus.

“The capabilities of our talented and diverse workforce, and our investment in innovation and cutting-edge solutions for our clients are at the root of our consistently strong performance,” said BCG CEO Rich Lesser. “At our core, we remain focused on the quality of our work, our long-term client relationships, and our commitment to driving large-scale positive change consistent with our values and purpose.”BCG books global revenues of $7.5 billion with 19 percent growthOver the past two years, the firm has also added around 4,500 employees across its locations in over 50 countries worldwide (including Omar Alshogre, an ex-political prisoner in Syria now employed at BCG in Sweden) – with the net 2,500 rise last year pushing the firm’s headcount out to 18,500-plus. BCG also added further capabilities last year, continuing with the recent acquisition of Australian data simulation company TSG.

“At the core of our business and our organisation is close collaboration – among our employees at all levels and with our clients. Working together, our people continually challenge themselves and their colleagues to develop and implement innovative new approaches, said Lesser. “As we look towards the next decade, we are deeply committed to ensuring that our clients are well-equipped to meet the challenges and opportunities of a fast-changing world.”

Meanwhile, the firm continues to give back to the region through its corporate social responsibility initiatives, including last week having hosted the launch event for its local Jeel Tamooh programme, which seeks to develop and inspire the next generation of business leaders in Saudi Arabia. Altogether, one hundred of the brightest local graduate students will participate in the training and mentorship programme.

“BCG recognises the value of personal development as a critical enabler of future success. We seek to attract talented individuals, and will empower them to learn and grow,” said BCG Middle East managing director Joerg Hildebrandt. “Jeel Tamooh is testament to our mission to support the positive development of societies we work in. As a global firm, we will share best practices and industry-leading knowledge, to prepare the enrolled students to thrive in a fast-changing world.”