- FY16 global revenues up by 8%
- High number of strategic mergers - over 30 network-wide
- Commitment to digital transformation delivering leading-edge services to clients
- Growth spearheaded by BDO firms in US (+12%) and China (+13%)
- Long-term investment in consolidation is the foundation for success
BDO announces a total combined fee income for the year ended 30 September 2016 of US$ 7.6 billion / € 6.8 billion*. This represents a year on year growth of 8%, at constant exchange rates.
The BDO network’s global representation has expanded from 154 to 158 countries and territories. Global headcount has increased by 5.33%, with 67,731 people now working out of 1,401 offices worldwide.
This tangible growth in revenues can be attributed to:
- The network’s successful mergers and acquisitions strategy, aided by the continuing consolidation of the accountancy profession
- New firms both expanding the network’s global footprint and bolstering performance in existing key territories
- Sustained organic growth across all regions
- The drive to adapt and transform the delivery of exceptional client service through the application of powerful new technologies
“Not only is our expansion strategy reaping greater rewards, we are also rapidly gaining a reputation as one of the most innovative networks in our profession”, comments Martin van Roekel, Global CEO of BDO.
“The concurrent challenges of increasing costs, a shrinking talent pool and the need to invest and to manage regulatory demands mean that many firms and networks outside the largest six are having to consider mergers and/or acquisitions in order to survive.
“At BDO, we recognise that further mid-tier consolidation is inevitable – and we have planned for it. We have a long-term investment strategy in global infrastructure, technology and talent that not only ensures that we can provide exceptional service to our clients, but gives us the momentum and power to continue at the forefront of the ongoing consolidation in the mid-tier of our profession.”
He continues: “At the same time, we acknowledge that our profession is undergoing a digital transformation and, in order to define the future digital landscape, we need to be able to lead, adapt and transform – for our benefit, and for that of our clients.
“That is why we signed a global strategic alliance with Microsoft earlier this year. Working with Microsoft, our firms and their professionals can expand upon the in-depth knowledge they have of their clients and deliver additional value-added services by providing them with powerful financial and operational insights. This in turn improves internal efficiency and the quality of audit and advisory engagements.”
BDO’s collaboration with Microsoft will create new and exciting opportunities for our firms and enable them to provide clients with powerful financial and operational insights. It covers the following key areas:
- Enhanced digital relationships: delivering an online collaboration space to further enhance our clients’ digital experience and service workflow, as well as supporting and extending client relationships
- Improved efficiency and quality: enabling BDO professionals to better understand and respond to risks, and so leverage this understanding to provide additional insights and automation efficiencies to clients
- Firm foundations for the future: giving all BDO firms access to global resources, enabling agility and flexibility in their service delivery.