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December 7, 2010

BDO reports revenue rise

BDO’s global revenue has increased 5% to €3.9bn ($5.3bn) in the year to 30 September 2010, driven by strong growth in the Asia Pacific region.

The network reported a 32% growth in fee income in Asia Pacific, helped by the rapid expansion of its Chinese firm, its Hong Kong firm merging with Shu Lun Pan Horwath Hong Kong CPA in 2009 and substantial growth in almost every other firm across the region.

Another rapidly growing region for BDO was Sub-Saharan Africa which increased in revenue by 28%.

The worst performing regions were Europe, which had flat revenue and the Middle East, which declined.

BDO chief executive Jeremy Newman said given the challenging economic climate the firm is very pleased overall revenues have grown.

“The substantial expansion of our Chinese firm has had a significant effect – their revenues have shown an increase of 65% over the prior year and now amount now to over €149 million,” Newman said.

BDO’s fees are split between audit and accounting (61%), tax (19%) and advisory services (20%).

Staff numbers have increased to 46,930 people but the numbers of offices have decreased from 1,138 to 1,082 across 119 countries worldwide.

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