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July 31, 2008

BDO Seidman posts double-digit growth

BDO Seidman’s revenue grew by 12 percent to $659 million during the year ended 30 June 2008. The US firm’s best performing service line was the BDO Consulting practice, which achieved 85 percent growth.

BDO Seidman: Growth Revenue 2004-2008

The US firm’s core business lines of assurance (7 percent) and tax (11 percent) delivered solid growth. The assurance practice generated 62 percent of the firm’s fee split, tax represented 23 percent and BDO Consulting represented 11 percent. Services including real estate, wealth management and software sales accounted for the remaining 4 percent.

According to the firm, its cumulative revenue growth over the past four years has been 81 percent. The most recent year’s growth rate was a significant improvement on the previous financial year when the firm recorded just 6 percent growth.

BDO Seidman currently has 369 SEC clients. From 2003 through 2007, the firm experienced a net gain of 150 SEC clients.

The firm’s chief executive, Jack Weisbaum, commented: “Fiscal 2008 was another strong year for BDO Seidman. BDO Consulting experienced especially strong growth driven by increased demand for the group’s anti-money laundering, e-discovery and other forensic services.”

A low point for BDO Seidman was being ordered to pay damages of $521 million after a jury found it was grossly negligent in failing to detect a fraud that led to the bankruptcy of Bankest, a Miami financial services company. The ruling is being appealed.

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