In 2011, too, the audit, accounting and consulting firm continued to do steady business despite the subdued economic growth in Switzerland. Growth, at 2 per cent, was admittedly rather lower than in past years, but a cross-sector comparison shows that BDO remains solidly positioned.
Strong positions in core service lines
Accounting (which increased its revenue by 7 per cent) and Tax and Legal Advice (over 6 per cent) made a particular contribution to this success. Auditing managed to hold its own despite considerable regulatory pressure in its field. These three core service lines account for three quarters of BDO's revenue. At the same time, Financial Services, which has for years been able to build on uninterrupted growth, saw its revenues for 2011 increase by over 8 per cent.
Of the remaining service lines, Corporate Finance posted very pleasing growth despite the very volatile business environment. ABACUS, through which BDO offers businesses and the public sector software solutions, recorded a result similar to that of the previous year. By way of contrast, Real Estate Accounting and Management Services continued to suffer from a particularly difficult market environment. Given its low share in business volume, however, declining revenue from real estate had little impact on the overall result.
Broad base
The company's broad base across several areas is one of the reasons why BDO was able to soften the impact of the economic fluctuations during the past year. Another is its solid position with SMEs, non-profit organisations and public authorities. The number of clients served by BDO totals some 15,000. Its nationwide presence in over 30 locations increasingly attracts also large companies seeking uniform services for their branches and franchise partners across the country. This was a significant factor in the increase in revenue in the year under review.
Global network
BDO continues to perform very well internationally, having further developed its position as the alternative to the very large international auditors. Its size and global reach set the BDO Network apart from the other medium-sized international networks. In 2011, BDO expanded its network to 135 countries with more than 48,000 employees. The network's global revenue increased during the past financial year by 7.3 per cent to USD 5.7 billion.
For more information:
BDO Ltd
Head Office Switzerland | Media Office
Biberiststrasse 16 | 4501 Solothurn
Switzerland
Phone: +41 32 624 66 99 | Fax: +41 32 624 62 26
[email protected]