BrazilBCG boosts revenues to $8.5 billion on back of 14 percent growth
Boston Consulting Group has boosted its revenues to $8.5 billion, having achieved underlying growth of 14 percent at constant exchange rates for 2019.
One of the world’s leading strategy and management advisories Boston Consulting Group has pulled in $8.5 billion in global revenues for 2019 – to be up by 14 percent at constant rates on the year prior. The latest figures represent a tripling in size for BCG over the past decade, with revenues in 2009 standing at just $2.75 billion. In addition, the firm has grown from a headcount of 6,900 to 21,000 over that time.
“Our success is rooted in the strength and diversity of our workforce as well as our constant commitment to innovation and value creation,” said BCG CEO Rich Lesser of the latest results. “Over the past decade, we’ve combined our expertise in large-scale transformation with digital capabilities in advanced analytics and AI to deliver the cutting-edge solutions our clients need now and in the future.”
Lesser, who has guided six consecutive years of double-digit growth and was re-elected for a further three-year term in 2018, continued; “More than ever before, clients turn to BCG for new solutions to the challenges of our times, from addressing the urgent climate crisis to delivering company value for all stakeholders to navigating adverse environments, such as the current situation in responding to COVID-19.”
Both of BCG’s closest rivals – McKinsey & Company and Bain & Company – don’t publicly release their revenue figures, but with Bain thought to generates figures of around $5 billion and McKinsey boss Kevin Sneader last year confirming a ballpark of around $10 billion, BCG remains squarely the second largest such consultancy in the world. Fourth in line, Oliver Wyman recently posted takings of $2.1 billion.
However, while BCG stands out in publicly declaring its earnings, the firm doesn’t provide a geographic breakdown or details around its different operating lines – which in recent years have expanded beyond its traditional consulting offering to include technology implementation arm BCG Platinion, venturing and concept incubation practice BCG Digital Ventures, and BCG Gamma, the firm’s data science wing.
Last financial year, the firm recorded revenues of $7.5 billion, with exceptional growth of nearly 20 percent. This past year has also seen many further highlights for BCG, including a number of acquisitions in the back half of the year, such as digital design agency AllofUs with offices in London and the US, French start-up GOV, which is a social dialogue app, and Spanish data science consultancy Kernel Analytics.
“Our five-decade-plus focus on building and sustaining competitive advantage only increases in importance in today’s rapidly changing world. For our company and our clients, the goal is the same: long-term and sustainable value creation that makes a positive difference in the world. That’s what will continue to drive us in the decade ahead,” Lesser said in conclusion. .
