United Kingdom
Annual Review
Our annual report 2010 is our first annual report since our global network adopted the single name ‘BDO’ worldwide. The change reflects the evolution of our firm. It signifies that we are part of a single network that is strongly positioned to meet the needs of clients who are increasingly operating internationally.
Like most of our clients, we faced tough trading conditions during the 2009 calendar year, but figures have been far more encouraging in 2010. A steady recovery in transactional activity has seen Corporate Finance emerge as one of the firm’s strongest performers with a 15% increase in revenues. The Forensics unit has also seen an increase in activity in the second half of the year, due to more investigations sparked by the downturn. Audit has performed well during the first half of 2010, providing the firm with a solid base from which to grow.
In November 2010 we announced that Oakley Capital, a private equity firm which has been a client of ours for many years, had acquired a majority stake in BDO Investment Management. We have also invested in the new business and are working in a strategic partnership with Oakley Capital. We believe this will enable the new firm to take advantage of consolidation opportunities in the wealth management and benefit advisory market, and will ultimately be in the best interests of clients.
Of 18,000 clients in 2009/10, over 3,700 were new wins during the year. We handled many high-profile assignments, including the £440m sale of CPA Global – described by its CEO as ‘a fantastic result’.
Looking to the future, the new firm’s ability to further invest in people, systems and products will ultimately be in the best interests of clients. We know from research that none of our competitors are getting client service consistently right. Across the marketplace clients see little difference between firms and a number are dissatisfied with the service they get. To deliver a more consistent service and to be the market leader for exceptional client service, BDO is focusing on the six service attributes that clients say matter most.
To read more about our service attributes and to view our annual report, please click on the following links.
Annual Report 2010.
Annual Report 2010 - Summary of Accounts.