BDO has reported global combined fee income over $8bn for the year end 30 September 2017, an 8% increase from last year.
Growth across all regions
The firm has increased its global headcount by 9% to 73,854. In expanding its global presence, BDO now has 1,500 offices across 162 countries. The past year saw the firm expanding its network to include firms in Antigua & Barbuda, Dominica, Grenada and Samoa.
BDO also completed 20 high-exposure mergers across all regions, including France, Australia, India and South Africa, which saw a number of Grant Thornton offices come under the BDO umbrella.
Revenues in the Asia Pacific region grew by 5.1%, with BDO India propelling much of the growth, having its partnership base increasing from 20 to 67 in the last 18 months alone as well as many lateral hires.
In the Americas, BDO’s revenues grew by 9.6%, partly due to several mergers including with the former KPMG practice in Eastern Caribbean. BDO Puerto Rico also completed the largest ever merger in the country. Other significant mergers took place in the USA, Canada and Brazil.
A key area of focus for the firm continues to be digital transformation and innovation. In the past year the firm has grown its technological capabilities in areas including robotic process automation, blockchain and bot technology.
The firm also continues to build upon its partnerships with companies such as Microsoft and Xero, and is also working on developing its bespoke Audit Process Tool. The firm once again came out on top as as AIM auditor in the Adviser Rankings.
Global CEO Keith Farlinger said the firm is becoming a digital-first organisation and using data to create insight and value for their clients.
He continued: “Globally, BDO continues its ongoing consolidation journey with its expansion to acquiring business-critical players such as cybersecurity companies.”
“Drawing on these global knowledge resources, our firms are now taking the next step to become efficiency-enablers and accelerating the digital transformation of our clients, as befits our leadership position in this most innovative market segment.”
Farlinger commented: “In the future, I do foresee a change in our services approach. We will continue to have the same service lines but will offer our services differently.”
“The operating models for each primary service line will become more aligned and automated in our client-centric model – and all with an advisory element. This is where we can add real value for our clients, in developing new solutions in an increasingly complex business world.”
He added that BDO has “the right focus, the right client base and the right people to deliver on our promises.”
“Our course is definitely set for a strong and profitable year in 2018,” he concluded.
BDO UK recently reported revenue growth of 5.7%.