GLOBAL REVENUES HAVE risen 8% to $7.6bn (£6bn) for BDO in 2016.
The growth, for the year ending 30 September 2016, was spearheaded by BDO firms in the US (12%) and China (13%), cementing a leading position as one of the globe’s biggest accounting networks.
Martin van Roekel, Global CEO of BDO, said: “The concurrent challenges of increasing costs, a shrinking talent pool, 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 acquisitions in order to survive. At BDO, we recognise that further mid-tier consolidation is inevitable and we have planned for it.”
Globally the network’s memer firms have made more than 30 strategic mergers – committing to digital transformation, and long term investments in consolidation. This tangible growth in revenues can also be attributed to new firms expanding the network’s global footprint, with sustained organic growth across all regions.
The results come as BDO was recently named the Global Firm of the Year at Accountancy Age’s British Accountancy Awards. Through the application of digital transformation BDO has been driving to adapt to deliver “exceptional” client service.
Van Roekel continued: “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. In order to define the future digital landscape, we need to be able to lead, adapt and transform for our benefit, and our clients. That is why we signed a global strategic alliance with Microsoft earlier this year.”
BDO has invested in IT advisory in its Czech Republic, Jersey, Georgia, and Germany firms with mergers with IT firms. The cyber security offering has also grown with BDO Israel and BDO Netherlands merging with cyber security companies. BDO Norway had made nine acquisitions in 2016.
The international BDO network has expanded from 154 countries to 158 with almost 68,000 staff over 1400 offices.
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