BDO USA LLP said Wednesday that it grew its annual revenues for the fiscal year ending June 30, 2016 to $1.29 billion, a 22.9 percent jump from fiscal year 2015, when it reached $1.05 billion.
This is the third year in a row BDO has seen revenues grow more than 20 percent. Over the past four years, BDO’s revenues have increased from $618 million in 2012 to $1.29 billion in 2016.
Growth came in all of BDO’s main service lines, with the assurance practice growing 17 percent, tax growing 27 percent, and the consulting and advisory practice gaining 31 percent this past year. Assurance makes up 50 percent of BDO’s overall business, while tax accounts for 33 percent, and consulting and advisory services 17 percent of the firm’s revenue.
Organic growth accounted for an increasingly bigger share of revenue at the Chicago-based firm this past year, at 61 percent compared to 39 percent from expansions such as mergers and acquisitions. BDO USA ranked 7th on Accounting Today’s 2016 list of the Top 100 Firms.
“If you just take organic growth alone, it puts us among the top national firms,” said BDO USA CEO Wayne Berson. “But then when you add in expansion growth, it’s considerably larger. Our strategy is being carried out and executed based on where we see we need to invest, and we are reaping the benefits of a successful strategy.”
Despite the growth, Berson admitted there have been some headwinds this past year. “It has been challenging with a lot of issues around the various markets, the political issues and also the economic climate have played a part in a number of these areas that we’ve needed to deal with,” he said. “You get thrown a few curveballs and you deal with it, but overall we’re very excited with the results and we’re looking forward to our fiscal ’17 year. We see tremendous opportunities in the market for us to capitalize on.”
He plans to expand BDO further in the year ahead. “We’re always looking for opportunities in the right marketplaces,” said Berson. “We’d like to get bigger in the major markets, and we’re seeing a lot of interest in the firm.”
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