BDO International has reported 4% growth in member firm revenues to €4.1bn ($5.7bn) in the year to 30 September 2011.
BDO International is the largest accounting network outside of the Big Four.
It’s audit revenue increased marginally and amounts to 61% of the network’s fee split. Tax services contributed to 19% and advisory services was 20% of total revenue.
Middle East firm is the best performing region for BDO with a 31% increase in revenues. The region’s growth was led by a new firm in the Lebanon, which joined the network in late 2010, and a new Saudi Arabian firm.
BDO’s Asia-Pacific revenues increased by 21%, which was driven by a merger in Japan in January 2011 as well as solid growth in Australia and in China, where the firm merged with Grant Thornton’s former Hong Kong firm.
In Europe, BDO improved grew by 1% while BDO’s Latin America region had a decline, largely due to the loss of its Brazilian member firm to KPMG earlier in the year.
“Throughout 2011, we have welcomed a number of additional countries to the network, from the Far East to Central Europe, and also seen some significant mergers with other firms, most notably in Norway, and I fully expect a continued strengthening in both our network performance and our network presence in the year to come,” BDO International chief executive Martin van Roekel said.