BDO announces results for 2010

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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