BDO USA grows revenue 13.3% in FY23 to reach $2.82 billion
BDO USA grew revenue by 13.3% to reach $2.82 billion for the twelve months ending April 30, 2023.
It was the 11th consecutive year of growth for the Chicago-headquartered accountancy under the leadership of CEO Wayne Berson.
BDO had 24.5% growth in FY22 to reach $2.49 billion in revenue, and 10.9% growth in FY21 to reach $2 billion.
The consulting industry has been facing declining demand for services in transaction consulting, HR consulting, and cybersecurity, among other areas. Source Global Research is projecting a flat global consulting market in 2023, with 11% growth.
Three of the Big Four accountancies have announced layoffs this year, with KPMG US announcing two rounds.
“Despite economic volatility and changing market conditions, BDO maintained its focus on supporting our people, clients and communities,” Berson said. “This year’s sustained success was the result of leading with a thoughtful growth strategy and embedding resilience into our operations.”
Highlights from FY23 include the publishing of BDO’s first sustainability report in April, which outlined commitments and actions it is taking to become a more responsible company. The firm also continued to develop BDOADVANTAGE, a digital audit suite that helps its auditors complete engagements more efficiently and effectively.
BDO promoted Eskander Yavar to head of advisory to help drive the business line’s growth.
On the M&A front, BDO in November acquired AdaptaLogix, a Dublin, OH-based provider of NetSuite solutions for life sciences companies. The transaction added 14 professionals and bolstered the firm’s ERP offering.
“BDO continues to deliver exceptional and sustainable outcomes for all,” said Kelly Johnson, chair of the board of directors of BDO USA. “With our legacy of deep client relationships, extensive resources, dedicated and thoughtful professionals, as well as a purpose-led, quality-driven culture, we will always aim higher, helping all our stakeholders grow and thrive.”
BDO USA has more than 12,000 professionals across 77 offices.
