BDO’s global revenues have hit $7.6bn (£6m) for the year ended 30 September 2016, up by 8% year-on-year at constant exchange rates, with growth spearheaded by its firms in the US, where fee income rose by 12% and in China (up 13%)
The network completed more than 30 strategic mergers worldwide over the year, including BDO Jersey’s merger with management advisory and technology firm Greenlight, adding 88 partners and staff. BDO Norway made nine acquisitions in 2016, while in West Africa, BDO expanded into three new territories previously part of the PKF network.
BDO USA saw a number of significant mergers, while In Brazil, BDO took on the largest full practice firm outside the top five when it merged with Baker Tilly, adding 250 partners and staff. Further mergers and acquisitions took place in Canada and Mexico, and BDO also strengthened its existing presence in South Korea.
BDO’s international network has expanded from 154 to 158 countries and territories. Global headcount has increased by 5.33%, with 67,731 people now working out of 1,401 offices worldwide.
Martin van Roekel, global CEO of BDO, said: ‘The concurrent challenges of increasing costs, a shrinking talent pool, the need to invest and to manage regulatory demands mean that many firms and networks outside the largest six are having to consider mergers and acquisitions in order to survive.
‘At BDO, we recognise that further mid-tier consolidation is inevitable – and we have planned for it. We have a long-term investment strategy in global infrastructure, technology and talent that not only ensures we can provide exceptional service to our clients, but gives us the momentum and power to continue at the forefront of the ongoing consolidation in the mid-tier of our profession.’
The network also signed a global strategic alliance with Microsoft earlier this year, which van Roekel said was designed to build up financial and operational insights for clients and improve internal efficiency.
