BDO 2011 year end results demonstrate growth
November 24, 2011
BDO, the world’s fifth largest accountancy network, is pleased to announce that the total
combined fee income for the year ended 30 September 2011 for all BDO Member Firms,
including the exclusive members of the US and Spanish firms’ Alliances, amounted to €4.064
billion / US$ 5.672 billion.
This represents an increase of 4.41% in euro compared to the previous year, and an increase
of 7.36% when measured in US dollars.
BDO’s Middle East region was the fastest growing for 2010 / 11 with a considerable increase in
combined fee income of 31%. The region’s growth has been led by our new firm in the
Lebanon, which joined the network in late 2010 and whose contribution has been impressive.
Our new Saudi Arabian firm has also played a part in this growth, while the existing firms – in
particular Qatar and Egypt – have without exception shown significant increases as well. The
new firms and the region as a whole have demonstrated without a doubt that they have the
skills and expertise to deliver the high quality service our clients expect, in the Middle East
and beyond.
In BDO’s Asia Pacific region revenues continue to grow, showing an increase of 21%. This has
been driven by an effective merger in Japan in January 2011, as well as continued growth in
Australia and in China, and assisted by the continuing benefit of our merger in Hong Kong with
Grant Thornton. As in 2010, BDO recorded a rise in revenues in Sub-Saharan Africa, this time a
creditable 16%, where all firms showed growth but the performance in Zimbabwe and Uganda
deserves particular mention. In Europe, BDO posted improved growth compared to last year
(1.1%) - no mean achievement given the current problems in the euro zone - while a small
decline in the revenues of the network’s Latin American region was the result of the loss of
our Brazilian firm to KPMG earlier in the year. Nonetheless, the new BDO firm in Brazil has
more than held its own, while new firms in Costa Rica and Mexico have also performed
exceptionally well.
The fee split by service line across the BDO network remains similar to previous years,
although with a slight increase in audit and accounting services: the latter now accounts for
over 61% of our combined fee income, with those for tax and advisory services remaining
steady at just under 19% and 20% respectively.
(NB all of the above percentages are as expressed in euro).
At 30 September 2011, BDO provides services in 135 countries – up from 119 in 2010. There
has been a corresponding rise in the number of partners and staff working in BDO, as well as
the number of BDO offices: up to 48,767 people and 1,118 offices respectively.
Martin van Roekel, who took on the international CEO role on 1 October 2011, is pleased to
see the tangible growth throughout the network in the last year. “Client service is the
foundation we’ve built our global business on and continuously developing and implementing
exceptional service delivery is the key thrust of BDO’s business strategy.
“These positive results across the board are testament to our commitment to operate as a
seamless, integrated network, in which our firms are experts in the country in which they
operate, while our shared global methodologies and rigorous quality assurance ensure that
our clients experience the same service excellence worldwide”.
Referring to the network’s consistently expanding physical presence, he comments “BDO is
the leader for companies operating in the mid-market, as well as for privately-owned
businesses, and we have a growing reputation for servicing larger multinational organisations.
It’s therefore not surprising that BDO’s genuine partnership model and strong brand is
attractive to both independent firms and those within other networks. 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.
“Our worldwide reputation for exceptional service, delivered by exceptional people, is rooted
in the strong relationships we build with our clients, and I fully expect a continued
strengthening in both our network performance and our network presence in the year to
come”.
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| Note to editors |
Service provision within the international BDO network of
independent member firms (‘the BDO network’) is coordinated by
Brussels Worldwide Services BVBA, a limited liability company
incorporated in Belgium with its statutory seat in Brussels.
Each of BDO International Limited (the governing entity of the BDO
network), Brussels Worldwide Services BVBA and the member firms is
a separate legal entity and has no liability for another such entity’s
acts or omissions. Nothing in the arrangements or rules of the BDO
network shall constitute or imply an agency relationship or a
partnership between BDO International Limited, Brussels Worldwide
Services BVBA and/or the member firms of the BDO network.
BDO is the brand name for the BDO network and for each of the BDO
member firms. The combined fee income of all the BDO Member Firms, including
the members of their exclusive alliances, was $5.67 billion in 2011.
The global network provides advisory services in 135 countries, with
almost 48,800 people working out of 1,118 offices worldwide. |
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| Contacts |
Julia Johnson
Brussels Worldwide Services BVBA
Ben Burton
Edelman
|
Tel (+32 2) 778 0130
bws@bwsbrussels.com
Tel (+44) 203 047 2069
ben.burton@edelman.com |
