Singapore named a top performer in BDO annual revenue report

23 December 2019 4 min. read

International accounting and consultancy network BDO has posted annual global revenues of $9.6 billion, with Singapore named among the top performing markets.

Further cementing its spot as the world’s fifth largest accounting and consulting network behind only the Big Four, BDO has achieved global revenues of $ 9.6 billion for its 2019 financial year ending September, to be up by 10.1 percent at constant rates and 6.9 percent in US currency. Singapore was named for strong organic performance, while Pakistan, India and Indonesia were cited for their ‘spectacular’ growth.

As a regional breakdown, the figures are heavily tilted toward BDO’s Americas geography – accounting for over half of the revenues and recording an increase of 15.7 percent – while the firm’s Asia Pacific region contributed 12.4 percent of the total global revenues. Despite BDO’s Pakistan (38%), India (30%) and Indonesia (21%) practices growing by upwards of a fifth, is in fact a smaller piece of the pie on 2017 figures.

The network’s EMEA region (Europe, Middle East and Africa) has gained the most ground over the past two years, up 12.9 percent in 2019 to now contribute a shade under 35 percent of the total – figures driven in part by BDO’s huge merger with Moore Stephens in the UK, one of some 20 acquisitions made over the past year or so targeting enhanced capabilities in areas such cybersecurity and digital solutions.

BDO Announces financial results 2019

In terms of organic growth, BDO Singapore – which was established in 1972 and has been a member of BDO International since 1979 – was named alongside practices in Australia, Chile, Lithuania, Mexico, the Netherlands, Peru, Romania, and Saudi Arabia as having helped to strengthen several important local market leadership positions across all regions, with each of those cited having achieved double-digit growth.

“This year, all BDO firms have evidenced the power of sharing the same global dream as leaders, proactively advising our clients with future-oriented solutions,” said Global CEO Keith Farlinger, who was elected to the role in 2017 and oversees a network today spanning 167 territories. “In creating new ways to interact with our clients and with each other, we are shaping ourselves for the BDO of tomorrow.”

As to service lines, Advisory continues to increase its share of revenues against the traditional Audit & Assurance offerings, this year split ~21 percent to ~42 percent with Tax and outsourcing bringing in the remaining ~21 percent and ~15.5 percent. In 2017, Advisory stood at 19 percent. BDO has also grown is headcount by over 15,000 over the past two years to 88,000-plus – spread across 1,809 outlets worldwide.

“It has been a landmark year for BDO globally, with continued organic growth and our selective ongoing merger and acquisition strategy paving the way for another solid year of growth,” said Farlinger. “I’d like to congratulate our 88,000 people for a truly great set of results in 2019. Their talent and commitment to quality, combined with the close relationships they build with their clients and colleagues across the world, have contributed to our global growth story.”

“We have cemented our position as the fastest-growing global accountancy and business advisory firm in the last 10 years,” added Farlinger, with analysis from showing that BDO had indeed outgrown its both smaller and larger rivals over the past decade by a fair margin, almost doubling revenues (up 91 percent) in that time. By comparison, Deloitte, now the biggest of the Big Four, grew by 77 percent, while Grant Thornton and RSM grew by 67% and 50% respectively.