BDO Global Revenue Up by 5%
In contrast to its reported revenue fall in UK for the year ended June 2010, BDO has managed to increase its global revenue by 5 percent, hitting $5.3bn for the financial year ended September 2010.
The firm attributed its global revenue hike to the strong growth of its branches in the Asia Pacific region, particularly in China and Hong Kong.
Compared to BDO’s performance in UK where its services in audit, business restructuring and tax have been upset by a 7 percent decline in revenue, its Chinese and Hong Kong firms, among others in the region, propelled its Asia Pacific fee income by 32 percent through quick growth in businesses. In 2009, its Hong Kong branch merged with Shu Lun Pan Horwath Hong Kong CPA.
BDO’s Sub-Saharan Africa also managed a 28 percent revenue hike.
BDO UK admitted it lacked “activity in the calendar year 2009” that resulted in an upset national turnover. But it added the figure reflected the challenge that the firm had to face in an economically challenging environment.
Its firm in the Middle East has also suffered a fall in revenue.
BDO’s Chinese firm has increased its revenue by 65% in 2009 before it went up to €149 million in 2010 due to its expansion, a significant contribution to BDO’s worldwide turnover, according to Jeremy Newman, BDO chief executive.
The firm’s revenue largely depends on its audit and accounting services, 61 percent, tax, 19 percent, and advisory services, 20 percent.