BDO Reports Double-Digit Growth
Top 10 Firm BDO USA LLP announced that its revenue for the fiscal year ended June 30 was $683 million, an increase of 10.5 percent over the previous year’s revenue of $618 million.
Those figures do not include full FY 2013 revenue from several acquisitions the firm has made recently, including last November’s addition of Top 100 Firm Argy, Wiltse & Robinson and Philadelphia firm Asher & Co., and the addition earlier this month of Mikunda Cottrell & Co., Moquist Thorvilson Kaufmann and banking assets from ParenteBeard. With those included, BDO’s revenue would be $750 million, with growth of 21.3 percent.
"In fiscal 2013, BDO USA continued to experience strong demand for services in our core assurance and tax business lines, as large public and private entities continue to be attracted to our industry focused approach," said CEO Wayne Berson. "Consulting revenues were down due to softer M&A and restructuring markets, in addition to the completion of several large consulting engagements that contributed to major revenue growth in 2012. Moving forward, the practice is positioned for strong growth in the coming year."
Assurance services account for 60 percent of the firm’s business, and were up 11.4 percent in FY 2013. Tax services account for 30 percent of its business, and were up 15.8 percent. Consulting services, which account for 8 percent of revenues, were down 8.1 percent.