BrazilBDO boosts global revenues to $9.6 billion with 10% rise for 2019
The world’s fifth largest accounting and consultancy network BDO has boosted its global revenues by 10 percent in 2019 to a total of $9.6 billion.
Global accounting and consultancy network BDO is closing in on the $10 billion revenue mark with double-digit growth over the past twelve months, recording figures of $ 9.6 billion for its 2019 financial year to the end of September to be up by 10.1 percent at constant rates. The acceleration of growth from the previous period’s 8.3 percent cements the firm as the world’s fifth largest of its kind behind the Big Four.
“This year, all BDO firms have evidenced the power of sharing the same global dream as leaders, proactively advising our clients with future-oriented solutions,” said Global CEO Keith Farlinger, who was appointed to the top role in 2017 and oversees what is now a network spanning 167 countries and territories. “In creating new ways to interact with our clients and with each other, we are shaping ourselves for the BDO of tomorrow.”
While the firm’s Americas geography was the stand-out for 2019 – both accounting for more than half of its revenues and notching the strongest growth of 15.7 percent – BDO’s EMEA region (Europe, the Middle East & Africa) continues to perform well (up 12.9 percent for a ~35 percent overall share), with Saudi Arabia cited among a number countries worldwide for strong organic growth in the double-digit range.
As per service lines, Audit & Assurance remains well out in front, bringing in 42.3 percent of the total, while the firm’s Advisory segment has now narrowly eclipsed its Tax practice, both bringing in around 21 percent of its takings. For the prior two periods, the Audit/Tax/Advisory split stood at 44 percent against 22 and 19 percent. The fourth of BDO’s major service divisions, Business Services & Outsourcing, remains steady.
Having cracked the 80,000 mark last year, BDO’s net global headcount has also grown by 10 percent over the past twelve months to 88,120, while according to the firm’s figures from last year its number of international offices has increased significantly – from 1,591 at the time of its last annual report to 1,809 today. A good number of those new offices/professionals added to the count have come about through particularly heavy M&A activity.
With some 20 purchases made in recent times – headlined by its monster merger with Moore Stephens in the UK – BDO has been strategically pursuing an inorganic strategy to augment its capabilities in areas such cybersecurity and digital solutions. Other pick-ups included boutique Australian cloud accounting and business advisory Consolid8, and consultancies Lootok and Global Trade Strategies (GTS) in the US.
“It has been a landmark year for BDO globally, with continued organic growth and our selective ongoing merger and acquisition strategy paving the way for another solid year of growth,” said Farlinger. “I’d like to congratulate our 88,000 people for a truly great set of results in 2019. Their talent and commitment to quality, combined with the close relationships they build with their clients and colleagues across the world, have contributed to our global growth story.”
