BDO USA sees revenue grow 9.6%
BDO USA said Wednesday its revenue for the fiscal year ending June 30, 2017, climbed to $1.41 billion, a 9.6 percent increase from $1.29 billion in fiscal year 2016.
BDO reported growth across all its business lines, including 12.8 percent in tax, 9.1 percent in assurance and 5 percent in it advisory practice. The firm’s assurance line now makes up 49 percent of total revenues, followed by tax at 34 percent and advisory at 17 percent.
“In fiscal 2017, BDO USA continued to experience strong demand for services in all business lines as large public and private entities continue to be attracted to our industry focused approach,” said BDO USA CEO Wayne Berson in a statement. “Moving forward, all of our practices are positioned for strong growth in the coming year.”
Over the past fiscal year, BDO grew revenue both organically and through a series of mergers that brought in more partners and staff members. Last July, it merged in the firm of Mantyla McReynolds in Salt Lake City, Utah, adding 10 partners and 54 staff members, along with Charles A. Barragato & Company in the New York metropolitan area, adding 38 people, including six partners. In mid-August, it merged in Goldstein Schechter Koch in South Florida, adding 14 partners and 100 staff. Last November, it combined with McPhillips, Roberts & Deans in Norfolk, Va., adding 80 staff, including 14 partners, and the LBA Group in Jacksonville, Fla, with 102 people, including 11 partners. In April, it added a related firm, LBA Wealth Management, also in Jacksonville, with seven staff, along with Hilton Consulting in Virginia, bringing in another 25 people.