BDO International's 2009 results hold firm

BDO International posted $5bn (£3bn) of revenues for the year ended September
2009 a 2.3% decrease on the previous
year.

In Euros its revenues are up 1.7%, while revenues increased by 4.5% excluding
the effect of currency movements.

European and North American member firms were hardest hit by the economic
conditions, both showing fee decreases.

Auditing & accounting revenues grew by 4.5%, and now account for 60% of
its total combined fee income, however tax revenues fell by 3.9% – accounting
for 19% of income.

Total number of people employed by the member firms increased to 46,035, from
44,002 in 2008. Network offices increased to 1,138 from 1,095 over the same
period.

Jeremy Newman, CEO of BDO International, said transactional work had hit
member firms, while weakening currencies against the Dollar and the Euro
affected its results. However he was pleased that underlying revenues had
increased.

“This is a result of growth in many of our member firms as well as our new
firms in Cambodia, Georgia and India, and our considerably stronger presence in
China,” said Newman.

Further reading:

BDO International posts 11% revenue
growth