GLOBAL revenues at BDO have increased 8.8% for the year ended 30 September, driven by a series of mergers that have taken place over the last 12 months.
The firm reported total combined fee income for the year of $7.02bn (£4.48bn), boosted by 28 mergers completed during that period.
New firms joined BDO in Fiji, Réunion Island, Bangladesh, Papua New Guinea and Sierra Leone, and a number of firms enlarged their territories, adding Laos (Malaysia), Afghanistan (Pakistan) and the Maldives (Sri Lanka).
The US firm achieved revenues of $833m in the 2014 fiscal year ending June 30 – up 22% year on year. The gains were fuelled by organic growth (11%) and the firm’s expansion strategy (11%).
Organic growth was driven by an increased demand for services across all business lines as the firm’s assurance (21.3%), tax (22.7%) and consulting (23.3%) practices each achieved strong increases in revenue.
The firm completed four acquisitions during the year, including the key addition of Top 100 firm Alpern Rosenthal in Pittsburgh and two additions in the important Texas market.
Revenues across the Americas region were up by 11.1%, with the big player in Latin America being BDO Brazil, which has grown its revenues by 17% and has expanded its number of offices to provide representation in 20 cities nationally.
In Europe, the UK firm showed a 27% increase in turnover in its first full year since their merger with PKF. In Norway, the acquisition of seven firms added €10m it’s annual turnover
Martin van Roekel, global CEO of BDO said: “Accountancy’s mid-tier is on a consolidation course. The large firm accounting market has been consolidating for some years, driven by the requirements of midsize and large global clients. The mid-tier of our profession is now on a parallel path, as smaller networks and firms seek to meet the increasingly international needs of mid-market companies pursuing growth markets. Such businesses are not always best served by the biggest networks, which focus on the very largest companies.”
BDO has announced two key international appointments as the firm continues to expand in its private client business across the BDO global network
Online accountancy firm, My Accountant Friend (MAF), has opened its latest office in Birmingham and recruited new partner, Richard Ingledew
KPMG has announced the appointment of Sarah Willows as chief financial officer and head of operations
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK