BDO Reports Decline In Revenues

Tue, 23 Nov 2010

BDO, the sixth largest accountancy firm in the UK, has posted a fall in annual revenues.

According to the firm’s annual results, sales for the year ending June 2010 totalled £312.2m, down 7 per cent from the £335.1m generated in the previous year.

All of the company’s service lines, including audit, business restructuring and tax, suffered a decline in revenues, except for corporate finance .

BDO said: "Figures published in BDO’s annual report reflect the continuing challenging economic climate for both the profession and our clients."

"The firm has always undertaken high levels of transactional work and the continued lack of activity in the calendar year 2009 resulted in a 7 per cent reduction in national turnover, to £312.2m for the year ended June 2010, in line with forecast, with a stronger performance in the first half of 2010."

Despite the drop in sales, BDO managing partner Simon Michaels predicted "steady progress" for next year, and revealed that the accounting firm was concentrating on internal audit work, increasing activity in global outsourcing compliance, expanding from mid-market clients to larger corporates, and picking up more public sector work.

He said: "Our plans are ambitious. Not only do we want to deliver the best client service experience in our industry but we want to profitably grow in a number of areas and have got an open mind about how we might achieve this."
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