Key highlights:
- Global revenue growth to over US$14 billion (+10.2%) / €13 billion (+11.9%).
- Positive uplift in revenue across all regions and service lines.
- Growth in key markets: Canada, USA, UK, Germany, and Australia.
- Workforce growth to 115,600 globally, across 166 countries and territories.
- Expanded strategic partnership with Microsoft.
BDO announces combined global revenues of US$14 billion (€13 billion) for the financial year ending 30 September 2023, representing year-on-year revenue growth of 10.2% USD (11.9% EUR). All service lines saw good growth in the year, with Tax achieving the largest increase.
Pat Kramer, Global CEO, BDO, said:
"I'm proud of our robust financial performance in 2023, with broad-based revenue growth
across all regions and service lines, building on an impressive 60 years of success. Despite
global challenges like high interest rates, inflationary pressures, and shifting geopolitics,
we've continued to consistently upweight our efforts to foster client growth and win
international business across our expanded global footprint. Our multi-disciplinary firms
have proven their readiness to adapt to shifting market dynamics and new technologies to
meet evolving client needs.
The success and the strength of our brand is underpinned by our ongoing investment in
cutting-edge technologies and our people, reinforced by an unwavering commitment to
quality and integrity."
Global revenue growth
BDO achieved consistent revenue gains across our global footprint. Our focus has been on
servicing key accounts and actively pursuing significant clients across larger economies to
bolster and support overall growth.
Europe, Middle East and Africa (EMEA) region revenues1
- Central and Western Europe experienced robust growth, driven by performance in the UK (+16%), France (+11%), Germany (+16%), Belgium (+21%), and Austria (+23%).
- Revenues from the Middle East rose by 13% overall, with exceptional performance from Saudi Arabia (+ 31%).
- Across Africa, revenues also increased, driven by South Africa (+19%) and the collaborative efforts of East African member firms to collectively boost performance.
Asia Pacific region revenues1
- India saw an impressive revenue surge (+34%), with Australia (+18%), New Zealand (+15%), and Singapore (+18%) also achieving strong growth.
- The economic climate resulted in sluggish growth for China and Hong Kong.
Americas region revenues1
- In North America, Canada grew by 13% and the US by 9%.2
- Most firms in South America delivered double-digit growth, with revenue gain driven by Brazil (+10%).
Broad-based revenue growth across all service lines3
Our core service lines – Audit and Assurance, Advisory, Tax, and Business Services and
Outsourcing – continue to grow in key markets, with our trusted teams guiding clients through
market uncertainty and adding value with expertise by delivering client-focused solutions.
Audit and Assurance
Despite market shifts, heightened regulatory requirements and increasing competition, our
Audit and Assurance business has continued to grow (+7%), achieving revenues of US$4.1
billion (€3.8 billion). Audit remains central to our brand and growth, representing the largest
portion of our business at 42%. Our investments this year have focused on enhancing audit
quality, the transformation of our suite of audit technologies, and enriching our talent
experience.
Advisory
Revenues from our Advisory operations grew by 4% to US$2 billion (€1.9 billion). Growth in
Advisory has been driven by client demand for the integration of digital solutions within their
business models. Facilitating business transformation through technology, via our BDO Digital
practise, has served as a catalyst for growth in North America and continues to demonstrate
significant potential across other regions globally. Additionally, ongoing investment in tools
and solutions, enhanced digital offerings, and the newly established Management Consulting
stream is effectively addressing changing market needs. In 2024, we anticipate continued
growth in our Advisory business, in line with increasing global demand for advisory services.
Business Services and Outsourcing
Business Services and Outsourcing grew by 7% to US$1.4 billion (€1.3 billion) in revenue. BDO
offers a diverse range of outsourcing solutions designed to adapt to the needs of clients as
they grow. Our focus this year has been on building meaningful client relationships and
delivering an exceptional client experience. In addition, we are committed to ongoing
investment in enhancing the skillsets and capabilities of our people. Simultaneously, we're
prioritising investment in technology to drive a transformative shift within our service
provision.
Tax
Revenues from our Tax businesses grew by 10% to US$2.2 billion (€2.1 billion), reflecting our
commitment to international collaboration and the delivery of superior client service. Our
Tax teams excelled in the execution of cross-border client initiatives and in effectively
addressing client challenges on local and global scales. Economic challenges related to
climate change, energy transition, workforce mobility, and digitalisation have increased
demand for an international tax response, amid renewed attention to domestic financial
affairs and national borders.
Additionally, there is heightened focus on international tax assurance and risk management.
Demand for agile and international advisers to help clients meet compliance and reporting
obligations has consistently increased, in line with the continually evolving regulatory
environment.
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1 Percentages are in domestic currency.
2 Percentages exclude alliance firms.
3 Values exclude alliance firms. Percentages based on USD.
A thriving global team
Our global headcount continues to expand as we look to secure the best talent to support our
clients and fuel our growth. In 2023, we increased our global headcount by 3.9%, adding
specialists and subject-matter experts at all levels and across all service lines. Our diverse
global team of over 115,600 people combines global expertise with local knowledge to deliver
bespoke client solutions.
Our global workforce has grown through the integration of technology that has facilitated the
scalability of teams by streamlining processes, automating tasks, and enabling more efficient
collaboration. By leveraging technology, we are enhancing the training and upskilling of our
teams to elevate the client experience.
We're committed to empowering our people globally and ensuring that they have the skills to
develop thriving careers. We're proud that BDO is a place where people want to work, as
illustrated by our inclusion this year in 'Canada's Top 100 Employers'.
Our unwavering commitment to quality
We remain an organisation that is deeply committed to exceptional client service. Quality is a
strategic priority, and we have increased our efforts in this area by continually developing our
independence, privacy, and quality monitoring programmes. Throughout the year, our
primary focus has been on elevating audit quality, with investment in resources to drive
consistent, high-quality outcomes. Our aim is to consistently deliver exceptional, top-tier
services, fostering confidence and securing trust among capital markets, regulators,
investors, and our clients.
Elevating technology across our organisation
We are investing in digital solutions and AI, blending responsible digital intelligence with data
analytics to generate insights, facilitate intelligence-driven decision-making, achieve
efficiencies, and generate cost savings. These investments also serve to attract and retain
talent to pursue careers they desire embracing AI and technology, and deliver
transformational value to our clients responsibly.
This year, BDO expanded its collaboration with Microsoft as a strategic partner. The alliance
will benefit Microsoft and BDO clients in the enterprise and mid-markets, and continue the
digital transformation of our business.
Embracing a sustainable future
With a focus on a resilient and thriving future, we are dedicated to sustainability. Our global
sustainability programme ensures that we work together globally for the best interests of our
people and our planet.
In 2021, we pledged to the Net Zero Financial Service Providers Alliance to reach net zero
carbon emissions by 2050 or sooner. This commitment is driven by our net zero programme,
which provides our firms with a standardised global approach and method to aid their journey
to net zero. This includes calculating emissions, setting net-zero targets, and annual
reporting obligations.
Through our comprehensive portfolio of sustainability services, we’re also supporting clients
to fulfil their ESG ambitions, further driving positive change towards a sustainable future for
all.
Supporting humanitarian efforts globally
The BDO organisation leverages its teams worldwide to help those impacted by humanitarian
crises. Throughout the past year, we have witnessed the powerful effect of our organisation
uniting to support colleagues and others affected by natural disasters and other tragic events.
-End-
Note to editors
About BDO
BDO's global organisation extends across 166 countries and territories, with more than 115,600 professionals working out of 1,776 offices - and they're all working towards one goal: to provide our clients with exceptional service. BDO was established in Hong Kong in 1981 and is committed to facilitating the growth of businesses by advising the people behind them. BDO Hong Kong provides an extensive range of professional services including assurance services, business services & outsourcing, risk advisory services, specialist advisory services and tax services. For more details, visit www.bdo.com.hk.
Contacts
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Sala Lo
Senior Marketing Manager & Team Head,
BDO Hong Kong
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Tel +852 2218 3042
Mobile +852 9613 5175
salalo@bdo.com.hk
|
|
Heidi Lau
Senior Marketing Manager,
BDO Hong Kong
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Tel +852 2218 2325
Mobile +852 9285 4151
heidilau@bdo.com.hk
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