The Australian wing of world accounting and consulting agency BDO has cracked the $500 million income barrier for the primary time, on the again of its third consecutive yr of report native progress.
In stark distinction to the Massive 4, which have all recorded downturns over the previous yr, BDO because the nation’s fifth largest agency grew its enterprise by 14 p.c to $540 million, having solely simply crossed the $400 million mark in 2022.
And the agency isn’t performed but. With its largest opponents battling a number of headwinds, not least of which is the federal government’s crackdown on consulting spending, BDO is making a play for the federal public sector with an growth into Canberra.
The agency stated that its advisory division, which incorporates digital, threat, and cyber, has been a big driver in recent times, together with a 25 p.c soar again in 2022 when it booked its greatest features in a decade. Coming off round 6 p.c total progress in 2021, BDO has since recorded annual charges hovering across the 15 p.c mark or larger within the Australian market.
That exceptional rise has seen the agency double its Australian revenues within the house of 5 years, largely mirroring the expansion of the worldwide community, which in collectively bringing in $14 billion now sits in clear fifth place behind the Massive 4 because the world’s largest mid-tier agency of its sort. The identical applies to its native standings, the place BDO sits greater than $70 million forward of sixth-place.
In asserting the agency’s upcoming Canberra launch – and the ambition it is going to add an additional $40 million to $50 million to BDO’s backside line inside 4 years – impartial chairman David Fagan revealed that round a fifth of the agency’s public sector enterprise already accounts for round one fifth of its native revenues, whereas its auditing and tax line has additionally been claiming a larger market share.
So as to add additional salt into Massive 4 wounds, BDO has been actively poaching from their partnerships over the previous twelve months, with its personal nationwide quantity now sitting near 300 after passing 250 at simply the beginning of final yr – a tally which features a dozen latest mid-year promotions. All up, the agency has a nationwide headcount of greater than 2,500 professionals throughout its current workplaces.
Talking on the agency’s means to draw prime expertise, BDO chief government companion Tony Schiffmann said: “We’ve invested closely in recent times and created a standout tradition within the career; it aligns with our model promise of Concepts – Individuals – Belief, and is a key component in our retention technique and a serious drawcard for individuals trying to be a part of our agency.”
