BDO recently released their 2020 results for their US firm. They announced $1.8 billion in revenue for the year ending April 30, 2020. This obviously does not include most of the problems related to coronavirus. This revenue number represents an increase of 11.3% year over year. This is the 8th consecutive year of growth for BDO US.
In 2019 BDO earned $1.64 billion in revenues in the US.
Kelly Johnson who is the chair of the board of directors had the following to say
“As the last few months have shown us, organizational resilience has proven invaluable as the global community continues to face extraordinary challenges. The unwavering commitment to excellence, stability, and longevity from Wayne and his leadership team will continue to serve, people our client and communities well. Our world class workforce, dedication to exceptional client services and purposeful innovation have been instrumental in our growth and provided a solid foundation, which is especially underscored during tumultuous times.”
BDO launched a digital offering through BDO Digital LLC which they say contributed to their growth.
BDO also expanded into six markets that contributed to growth. They expanded into new markets by acquiring ACM LLP which is focused in the rocky mountain region. That means that ACM LLP does much of their work in Wyoming and Colorado. BDO also acquired CFO Advisors which is located in Detroit. These are relatively small practices, but these are acquisitions that BDO can make to eventually get up to the big 4 accounting firms level.
Most of their growth was due to advisory which grew by 29.4%. Tax grew 8.8% and audit grew by 6%.
That growth might seem huge but not when you compare it to prior year. Last year BDO had 40% growth in their advisory business. Tax only grew by 8.4% last year, and audit grew by 4.3 percent in prior year.
BDO’s US CEO had the following to say.
We were fortunate to be in a strong position heading into the crisis and despite the uncertainty, continue to lead with empathy and purpose, while prioritizing innovation and building long term organizational resilience. Over the past few months, we’ve taken steps to strengthen our business and mitigate risk, which has put BDO on solid footing to navigate the unknown and unwieldy national recovery.
BDO also recently announced the acquisition of Quantum Global Advisors which is a renowned international insurance claim and valuation consulting practice headquartered in Chicago.
Despite all this good news BDO still utilized pay cuts in the US and they furloughed employees in the UK. They don’t release their global results until December, so we will see how well they did when those results are released.