BDO announces financial results 2022: Strong growth takes global revenues over US$ 12 billion

Strong global economic activity in the past 18 months resulted in a surge in demand for BDO’s global services, across most business lines and industries. BDO’s investments in key talent, services and technology, provided the foundation to grow, develop our people and deliver sustainable client centric solutions.

BRUSSELS, 12 December 2022: BDO announces a total combined fee income* of 12.8 billion USD/11.8 billion EUR for the year ended 30 September 2022, representing a year-on-year growth of 12.1% at constant exchange rates (+20% in USD, +8.76% in EUR)

*including BDO’s exclusive alliances

The Americas region has grown the most, with a strong increase of +14.5% in revenue.   BDO in the USA reported a revenue growth of nearly 25%. In Asia Pacific most of our markets have performed very well. Due to the ongoing challenges of the health crisis and ensuing restrictions, China is temporarily experiencing flattening growth. In EMEA, and particularly in Europe, growth has been impacted by the ongoing geopolitical issues and conflicts.  We are experiencing stable and solid growth in the UK and German markets and we are pleased to see that our strategic approach has led to greater brand trust and growth in other markets, including France, Norway and Israel. 

Protect & strengthen

Today we live in a data-driven world, one in which we are now confronted with resource scarcity.  This shift has driven us to think and work differently.  BDO’s commitment to invest in cutting-edge technology, digital transformation and new services has positioned us as a market leader in a world of opportunity.  Our firms are now more connected than ever: we share  resources to support our clients and we are committed to growing business together.

Commenting on BDO’s 2022 performance, newly-appointed global CEO, Pat Kramer, said “In the change-dominated world in which we operate, nothing is more important than to protect and strengthen BDO.  We are relevant to our clients. We strive always to lead on quality and  client centric solutions.  As we reach new milestones of global growth, we are more committed than ever to invest in our business and our people with a true global mindset.  BDO has a strong foundation on which we will continue to build and transform.  We embrace the change that will come and we will continue investing in quality, digitalisation, technology and talent, for the benefit of our clients and our people.”

BDO’s transformation journey

A changing environment leads to new opportunities.  An increasingly global world needs global services across all business lines and industries.  To best support our clients, we will continue to build a strong and robust organisation and we will focus on a number of truly global strategies, indispensable when supporting our clients in their own transformation journeys. We will focus on Audit, Tax and Advisory but, just as importantly on Risk & Quality, Technology, Sustainability, Talent and a number of International Business Areas.

A clear value proposition

BDO remains committed to our multi-disciplinary model.  It ensures that our clients receive the best possible solutions, supported by BDO professionals who continue to upskill and deepen their understanding of our business and the markets that we operate in.  Preserving a sufficient size and scale of our organisation will equally ensure that we can continue to invest, allowing us to lead on quality and mitigate potential risks.

The power of purpose

As a purpose-driven organisation, we do better.  Our WHY – People helping people - shapes who we work with and how we support our colleagues, our clients and our communities. It is reflected in everything we do.

Our immediate response when the Ukraine war started is testament to our WHY.  With our people as our first priority, a global crisis response team was established within days, with volunteers working around the clock to bring our Ukrainian colleagues to safety. A BDO Global Fund was set up, with donations from both BDO firms and our people.  Along with many multinational organisations, BDO made the decision to cease its operations in Russia and Belarus.

After those first critical weeks, BDO in Ukraine was able to start up again, optimise their activities and begin a new phase of business development, including a temporary nearshoring model to work with BDO firms in the region.

Pat Kramer concludes: “I’m extremely proud of our organisation and our people, whose ongoing commitment to their clients has made this year’s stable growth possible.  We have a unique BDO culture, and our WHY is proving to have immense power.  Enabling our culture is key to being the best we can be – for our people, our clients and our communities.”

Note to editors

Service provision within the international BDO network of independent member firms (‘the BDO network’) is coordinated by Brussels Worldwide Services BV, a limited liability company incorporated in Belgium.

Each of BDO International Limited (the governing entity of the BDO network), Brussels Worldwide Services BV and the member firms is a separate legal entity and has no liability for another such entity’s acts or omissions. Nothing in the arrangements or rules of the BDO network shall constitute or imply an agency relationship or a partnership between BDO International Limited, Brussels Worldwide Services BV and/or the member firms of the BDO network.

BDO is the brand name for the BDO network and for each of the BDO member firms.

The fee income of the member firms in the BDO network, including the members of their exclusive alliances, was US$ 12.8 billion in 2022. These public accounting, tax and advisory firms provide professional services in 164 countries and territories, with 111,307 people and 1,803 offices worldwide.