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- A solid 10.8%* increase in global revenues to US$ 11.8 billion, up from US$ 10.3 billion in 2020, reflecting the strong demand from clients for BDO\u2019s expertise in a fluid business landscape. *at constant exchange rates<\/em><\/li>\n
- BDO\u2019s clear focus on audit quality, innovation, transformation, technology and sustainability has helped both BDO firms and their clients to easily adapt to a new future.<\/li>\n
- People numbers have significantly increased, with a marked shift towards new profiles. BDO\u2019s 97,292 professionals are combining future-oriented technology with authentic intelligence to create smarter working environments in 1,728 offices.<\/li>\n
- BDO\u2019s stated purpose, our WHY, has proven its worth. It is a core element of our culture, shaping who we work with and how we support our colleagues, our clients and our communities. It is reflected in everything we do.<\/li>\n<\/ul>\n
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<\/p>\nDespite the continued uncertainty in market conditions and the impact of the health crisis, the performance of BDO in 2021 demonstrates that the agile decisions and technological investments made have equipped the organisation with the global infrastructure and digital solutions to deliver long-term value for our clients.<\/p>\n
BRUSSELS, 13 December 2021<\/strong>: BDO announces a total combined fee income* of US$11.8 billion\/\u20ac 9.8 billion for the year ended 30 September 2021, representing a year-on-year growth of 10.8% at constant exchange rates (+14.8% in US$, +7% in \u20ac)<\/p>\n
BDO has 1,728 offices in 167 countries and territories worldwide and growth has been consistent across all regions. \u00a0EMEA saw a revenue increase of +17.4% and Asia Pacific +16.9%, while the Americas grew by +12.6%.<\/em> \u00a0The EMEA and Asia Pacific regions contribute 35% and 12% respectively to global revenues and the Americas is the organisation\u2019s largest region (contributing 53%).<\/p>\n
Audit and assurance continues to be BDO\u2019s largest service line, accounting for 42% of revenues. Tax and advisory each contribute 21.5% and business services and outsourcing 15%.<\/p>\n
Over the last two years we have seen the biggest shift in the business world since the industrial revolution.\u00a0 The pandemic has driven us to think and work differently.\u00a0 BDO\u2019s ongoing willingness to invest in cutting-edge technology has allowed us to stay close to our clients\u2019 new needs and immediately respond, providing them with tools to help them achieve successful digital transformation and become a modern organisation of the future.\u00a0 Our firms are now more connected than ever, sharing resources to support our clients and committed to growing business together.<\/p>\n
The future is now – Growing business together<\/strong><\/p>\n
The business world has entirely changed. IT Technology is at the epicentre of our very existence. The crisis has demonstrated that we can work remotely without problems, that hybrid working is a valid alternative and that we can access talent anywhere.\u00a0 We are prepared for a modern organisation of the future.\u00a0 BDO\u2019s firms are more connected than ever, sharing resources, working together in support of our clients, and committed to growing business together.<\/p>\n
A clear value proposition<\/strong><\/p>\n
Our clients have seen rapid and drastic change.\u00a0 Because of the evolving landscape, they expect a seamless service across borders, deep industry expertise and an unwavering focus on quality. These have remained a focus for BDO throughout 2021. Through our \u2018digital first\u2019 approach, we have continued to innovate and develop our range of services to provide new solutions with a broader and future-oriented perspective. These include a new set of sustainability services, cloud transformation, predictive analytics and diagnostic tools, AI in professional services and more.<\/p>\n
Throughout 2021, BDO invested in market-critical acquisitions, with a strong focus on niche advisory, digitalisation and technology service providers.<\/p>\n
EMEA:<\/u><\/p>\n
ProExC, a performance consulting organisation, joined BDO in The Netherlands, and BMP Progelink, a digital company, joined BDO in France.\u00a0 BDO in Belgium concluded two acquisitions, both with accounting firms.\u00a0 CFI Hungary joined forces with BDO in Hungary, thus becoming the biggest M&A provider in the country.\u00a0 RSM Finland joined forces with BDO in Finland, together becoming a strong player in the Finnish market.<\/p>\n
Americas:<\/u> BDO in the US welcomed MBAF, a leading accounting and advisory firm in Florida, plus DemandGen International, a digital advisory services and solutions organisation.\u00a0 Simplicity, providing technology services and DVP Capital, a mid-market investment bank and financial advisory team, merged with BDO in Canada.<\/p>\n
This year our Asia-Pacific region\u2019s growth was due to organic growth only.<\/p>\n
Additionally, in 2021, BDO firms recorded the largest ever intake of new partners and staff (+6.8%), many of whom are skilled in sustainability and digital advisory or with a background in STEM (Science, Technology, Engineering and Mathematics).<\/p>\n
Focus on Audit Quality <\/strong><\/p>\n
2021 has also been a period characterised by evolving regulatory standards and expectations.\u00a0 BDO remains committed to strengthening our culture of quality \u2013 enabling our firms to deliver high-quality services. As part of BDO\u2019s ongoing mission to drive quality throughout the organisation, Regional Quality Directors were appointed for each of the Americas, Asia-Pacific and EMEA regions.\u00a0 Their focus is on creating, strengthening and maintaining high levels of quality and consistency in compliance and practice.\u00a0<\/strong><\/p>\n
The digital client experience<\/strong><\/p>\n
Driven by an ongoing focus to enhance the digital client experience, BDO continues to invest in innovation and technology.<\/p>\n
By entering into a strategic partnership with Microsoft, BDO will drive digital transformation and help to increase the collaboration and productivity of BDO\u2019s professionals.\u00a0 BDO is converging to a single global digital platform, with an agile service framework providing timely access to high-quality and secure organisation-wide IT services, standards, tools and technology.<\/p>\n
Microsoft products and services are often the single largest technology investment made by many of our BDO firms. \u00a0As such, BDO places user experience at the centre of all our IT systems and infrastructure. BDO provides a structured approach to use the cloud as an innovative and sustainable platform, and prioritise data intelligence, AI and data security to manage and protect our data and our customers privacy. The strategic partnership will also allow our advisers to offer the best Microsoft technology solutions to their clients.\u00a0 \u00a0\u00a0<\/p>\n
BDO\u2019s connected, insights-driven and compliant audit digital suite supports intelligent processes and maintains business continuity, whilst reducing costs and increasing efficiency.\u00a0 Through connection with our global portal, the exchange of information is streamlined in a secure way.<\/p>\n
Finally, at BDO we believe the best ideas for solving critical problems can come from anyone, anywhere.\u00a0 By implementing a successful in-house seed funding and incubator programme, BDO is collecting and nurturing speculative ideas and turning them into solid business cases, progressing from pilot-testing through to large scale implementation.\u00a0 The first best-in-class innovations will be launched as concrete solutions for the benefit of our clients and people shortly.<\/p>\n
Our sustainability agenda <\/strong><\/p>\n
In previous years, most of our firms have taken earnest independent steps towards sustainability.\u00a0 However, mounting risks and concerns have led to the emergence of a global sustainability movement.\u00a0 BDO responded. Early in 2021, an all-firm sustainability strategy was launched \u2013 both internal and external. It aims to inspire, educate and lead an unstoppable movement for sustainable business practice in our markets and in our organisation.\u00a0 BDO has invested in new talents with a dedicated sustainability skill set. Our sustainability service offering supports our clients through their transformation process, to be fit for a sustainable future and create long-term competitive advantage.<\/p>\n