BDO announces financial results 2022

BDO announces financial results 2022

BDO Finland’s turnover for the financial year ending in August 2022 amounted to EUR 35.6 million, showing a year-on-year increase of 25.5%. Turnover increased in all business areas - auditing, tax and legal services, advisory and business services & outsourcing. 

At the beginning of the financial year, we acquired the share capital of the audit firm RSM Finland Oy. The merger brought synergies to customers of both companies – extensive network of experts, broader service selection and even more comprehensive industry expertise. RSM’s experts strengthened our competence in the areas of special audits, restructuring and tax services. With the acquisition, we became Finland's leading auditing firm for special financial management issues related to insolvency situations. 

Our team of experts keeps growing, and at the end of the financial year, we had 314 employees, whereas the previous year, this number was 267.

30 years of supporting organisations in achieving their goals

This year marks 30 years since BDO started its operations in Finland. Over the course of three decades, BDO has grown from a small audit firm into one of the leading financial advisory service providers in Finland – and globally. Our success has always been built on genuinely caring about our clients, excellent customer service and high-quality work. 

Strong growth takes global revenues to EUR 11.8 billion

BDO Global announces a total combined fee income* of 11.8 billion EUR/12.8 billion USD for the year ended 30 September 2022, representing a year-on-year growth of 12.1% at constant exchange rates (+20% in USD, +8.76% in EUR).

Protect & strengthen

Today we live in a data-driven world, one in which we are now confronted with resource scarcity. This shift has driven us to think and work differently. BDO’s commitment to invest in cutting-edge technology, digital transformation and new services has positioned us as a market leader in a world of opportunity. Our firms are now more connected than ever: we share  resources to support our clients and we are committed to growing business together.

Commenting on BDO’s 2022 performance, newly-appointed global CEO, Pat Kramer, said “In the change-dominated world in which we operate, nothing is more important than to protect and strengthen BDO. We are relevant to our clients. We strive always to lead on quality and  client centric solutions. As we reach new milestones of global growth, we are more committed than ever to invest in our business and our people with a true global mindset. BDO has a strong foundation on which we will continue to build and transform. We embrace the change that will come and we will continue investing in quality, digitalisation, technology and talent, for the benefit of our clients and our people.”

BDO’s transformation journey

A changing environment leads to new opportunities. An increasingly global world needs global services across all business lines and industries. To best support our clients, we will continue to build a strong and robust organisation and we will focus on a number of truly global strategies, indispensable when supporting our clients in their own transformation journeys. We will focus on Audit, Tax and Advisory but, just as importantly on Risk & Quality, Technology, Sustainability, Talent and a number of International Business Areas.

A clear value proposition

BDO remains committed to our multi-disciplinary model. It ensures that our clients receive the best possible solutions, supported by BDO professionals who continue to upskill and deepen their understanding of our business and the markets that we operate in. Preserving a sufficient size and scale of our organisation will equally ensure that we can continue to invest, allowing us to lead on quality and mitigate potential risks.

The power of purpose

As a purpose-driven organisation, we do better. Our WHY – People helping people - shapes who we work with and how we support our colleagues, our clients and our communities. It is reflected in everything we do.

Our immediate response when the Ukraine war started is testament to our WHY. With our people as our first priority, a global crisis response team was established within days, with volunteers working around the clock to bring our Ukrainian colleagues to safety. A BDO Global Fund was set up, with donations from both BDO firms and our people. Along with many multinational organisations, BDO made the decision to cease its operations in Russia and Belarus.

After those first critical weeks, BDO in Ukraine was able to start up again, optimise their activities and begin a new phase of business development, including a temporary nearshoring model to work with BDO firms in the region.

Pat Kramer concludes: “I’m extremely proud of our organisation and our people, whose ongoing commitment to their clients has made this year’s stable growth possible. We have a unique BDO culture, and our WHY is proving to have immense power. Enabling our culture is key to being the best we can be – for our people, our clients and our communities.”