BDO announces results for 2010
December 8, 2010
BDO, the world’s fifth largest accountancy network, is pleased to announce that the total
combined fee income for the year ended 30 September 2010 for all BDO Member Firms,
including the exclusive members of the US and Spanish member firms’ Alliances, amounted to €3.893 billion / US$ 5.284 billion.
This represents an increase of 4.92% in euro compared to the previous year, and an increase
of 5.11% when measured in US dollars.
The Asia Pacific region was the fastest growing for BDO in 2009/10 with an increase in
combined fee income of 32%. This was driven by our rapidly expanding Chinese firm and
assisted by substantial growth in almost every other firm in that region and the benefit of a
merger last year in Hong Kong. In Sub-Saharan Africa, BDO recorded a rise in combined fee
income of 28% with almost all firms showing growth and benefiting from new firms in East
Africa. Latin America also posted significant growth (+18%), while a decline in the revenues of
the network’s Middle Eastern region was the result of changes in certain firms. In Europe, fee
revenues remained static compared to last year. (All of the above percentages are as
expressed in euro).
In terms of fee split by service line, there was very little change from 2008/09: audit and
accounting continues to account for almost 61% of combined fee income, with those for tax
and advisory services remaining steady at 19% and 20% respectively.
The number of people working in BDO was up slightly to 46,930, although the number of BDO
offices decreased to 1,082 worldwide, providing services in 119 countries at 30 September
2010.
Jeremy Newman, CEO of BDO, says that given the challenging economic climate, this is a very
creditable performance. “We can be very pleased that, despite difficult market conditions,
our overall revenues have grown by some 5% in both euro and US dollar terms. Clearly 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.
It is also commendable that the situation in Europe has remained steady: although most firms
recorded modest increases, a number of our larger firms here – as well as the USA – saw
declines in revenue. On the plus side, organic growth brought about significant fee increases
in Denmark, France, Israel, Italy, Norway, Spain and Sweden.
Since our year end on 30 September, we have welcomed a number of additional countries to
the network, as well as announced a merger in France. Our steady growth throughout
2009/10 is a mark of BDO’s success in our primary objective to support our clients as they
expand domestically and internationally and of our ambition to remain their preferred
advisers in every market, wherever they find themselves doing business."
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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 $5.28 billion in 2010.
The global network provides advisory services in 119 countries, with
almost 47,000 people working out of 1,082 offices worldwide.
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| Contacts |
Julia Henniker
Brussels Worldwide Services BVBA |
Tel (+32 2) 778 0130
bws@bwsbrussels.com |
