On course for further growth: BDO increases turnover by 14.2 per cent to a total of 461.2m euros
On course for further growth: BDO increases turnover by 14.2 per cent to a total of 461.2m euros
The auditing and advisory firm BDO achieved revenue of EUR 461 million in the 2023/24 reporting year[1] (previous year: EUR 404 million). The German BDO Group thus confirmed the strong performance of previous years and increased its turnover by 14.2 per cent. The three business fields Audit & Assurance, Tax & Legal and Advisory all contributed to the revenue development with double-digit growth each.
"Overall, we can draw a positive conclusion and are very satisfied with the past financial year. We are benefiting from our increased market awareness. At the same time, we see that political and regulatory uncertainties are increasing. In these dynamic times, we need to take a holistic view of the challenges, as transformation is becoming a touch-stone for companies. With our interdisciplinary teams of experts, we offer our customers the customised, high-quality solutions they need," the CEOs Andrea Bruckner and Parwäz Rafiqpoor say.
The number of employees grew in line with BDO’s turnover. With over 3,250 experts, the auditing and consulting firm employs almost 6.5 per cent more staff than in the previous year. In July 2024, it opened its 28th office in Nuremberg, further expanding its regional presence.
"We are ideally positioned in terms of expertise and human resources. Our long-term in-vestments in human resources and digitalisation continue to pay off," says Andrea Bruck-ner. Regarding the investments in digitalisation, particularly in AI-supported solutions, BDO benefits from its strong international network. "With AI, we are increasing efficiency in auditing. Globally, BDO is investing a three-digit million amount in technologies to drive forward its AI and digitalisation strategy." Parwäz Rafiqpoor emphasises: "A large and powerful network is a basic prerequisite for further success. In the future, we want to cooperate even more closely in order to increase and continuously improve our range of services." The global BDO network is represented worldwide with almost 120,000 em-ployees in 166 countries and generated revenue of USD 15 billion in the 2024 reporting year.
BDO in Germany – financial year 2023/24
Audit & Assurance tops the 200 million euro mark
With an increase of 14.1 per cent (21.2 per cent) compared to the previous year, turno-ver in auditing rose from EUR 179 million to EUR 204 million. At 44.3 per cent, this divi-sion contributed the largest share of the three business divisions' turnover. "In addition to the significant increase in market awareness, we see the digitalisation of our processes as having the biggest leverage effect," emphasises Andrea Bruckner. "AI-supported solu-tions allow us to take the pressure off our colleagues. Repetitive duties, such as attach-ment checks, can now be automated to create more time for the really important tasks," she adds.
Tax & Legal: Focus on international tax consulting
The Tax & Legal business division increased its revenue by 12.8 per cent (13.9 per cent) compared to the previous year and generated sales of EUR 183 million (EUR 162 million). Focusing on the digitalisation of the tax function and automation of operational process-es, the Tax Technology division in particular contributed to sales growth. In recent months, the firm has also strengthened its expertise in international tax consulting by recruiting a large number of new colleagues. "We have successfully expanded our position with regard to advising large family businesses and groups. Here, too, we are working closely with our international network in view of emerging customs duties and uncertain-ties regarding the global minimum tax," says Parwäz Rafiqpoor.
Advisory with highest growth
The Advisory services division achieved the greatest growth. With an increase of 18.4 per cent (10.6 per cent), the division achieved a turnover of 74 million euros (63 million eu-ros). The two subsidiaries, BDO Digital GmbH and BDO Cyber Security GmbH, are also developing promisingly. Both are recording high staff growth. In the area of cyber securi-ty, BDO advises many clients in the healthcare sector, which are exposed to a high risk of attack. Consultancy services were also further expanded in other areas. "We are working at various points with interdisciplinary teams: Be it through our holistic M&A advisory approach, our new advisory services in the area of debt advisory, or in AI consulting. We accompany the transformation at eye level," emphasises Parwäz Rafiqpoor.
Transformation, AI and digitalisation as topics for the future
Looking at the current financial year, BDO remains on course for success. The auditing and consulting firm has won prestigious mandates. In view of the increasingly complex requirements for corporate management, transformation consulting is becoming even more important for both new and existing clients. AI and digitalisation will continue to play a central role as clear growth drivers in the future. BDO has set itself the goal of further expanding and developing its service portfolio in all areas of the company with regard to AI. For example, AI-based services are currently offered, e.g. in the form of a digital environment analysis during a transaction process. BDO also advises its clients on the implementation and testing of AI systems.
BDO also uses AI-supported solutions to manage the growing volume of relevant data in the area of sustainability. "We are convinced that sustainability will continue to play a major role. The shift in reporting requirements opens up room for manoeuvre. We help companies to further develop sustainability strategies and recognise the strategic rele-vance of the issues in order to strengthen their resilience and competitiveness in the long term," emphasises Andrea Bruckner.
"Overall, we can draw a positive conclusion and are very satisfied with the past financial year. We are benefiting from our increased market awareness. At the same time, we see that political and regulatory uncertainties are increasing. In these dynamic times, we need to take a holistic view of the challenges, as transformation is becoming a touch-stone for companies. With our interdisciplinary teams of experts, we offer our customers the customised, high-quality solutions they need," the CEOs Andrea Bruckner and Parwäz Rafiqpoor say.
"We are ideally positioned in terms of expertise and human resources. Our long-term in-vestments in human resources and digitalisation continue to pay off," says Andrea Bruck-ner. Regarding the investments in digitalisation, particularly in AI-supported solutions, BDO benefits from its strong international network. "With AI, we are increasing efficiency in auditing. Globally, BDO is investing a three-digit million amount in technologies to drive forward its AI and digitalisation strategy." Parwäz Rafiqpoor emphasises: "A large and powerful network is a basic prerequisite for further success. In the future, we want to cooperate even more closely in order to increase and continuously improve our range of services." The global BDO network is represented worldwide with almost 120,000 em-ployees in 166 countries and generated revenue of USD 15 billion in the 2024 reporting year.
BDO in Germany – financial year 2023/24
| Key Figures | Turnover in million euros |
Development compared to previous year in per cent |
Share of total volume in per cent |
| Total sales | 461.2 | +14.2 | 100.0 |
| Audit & Assurance | 204.4 | +14.1 | 44.3 |
| Tax & Legal | 182.7 | +12.8 | 39.6 |
| Advisory | 74.1 | +18.4 | 16.1 |
| Employees | 3,250 | +6.5 | - |
Audit & Assurance tops the 200 million euro mark
With an increase of 14.1 per cent (21.2 per cent) compared to the previous year, turno-ver in auditing rose from EUR 179 million to EUR 204 million. At 44.3 per cent, this divi-sion contributed the largest share of the three business divisions' turnover. "In addition to the significant increase in market awareness, we see the digitalisation of our processes as having the biggest leverage effect," emphasises Andrea Bruckner. "AI-supported solu-tions allow us to take the pressure off our colleagues. Repetitive duties, such as attach-ment checks, can now be automated to create more time for the really important tasks," she adds.
Tax & Legal: Focus on international tax consulting
The Tax & Legal business division increased its revenue by 12.8 per cent (13.9 per cent) compared to the previous year and generated sales of EUR 183 million (EUR 162 million). Focusing on the digitalisation of the tax function and automation of operational process-es, the Tax Technology division in particular contributed to sales growth. In recent months, the firm has also strengthened its expertise in international tax consulting by recruiting a large number of new colleagues. "We have successfully expanded our position with regard to advising large family businesses and groups. Here, too, we are working closely with our international network in view of emerging customs duties and uncertain-ties regarding the global minimum tax," says Parwäz Rafiqpoor.
Advisory with highest growth
The Advisory services division achieved the greatest growth. With an increase of 18.4 per cent (10.6 per cent), the division achieved a turnover of 74 million euros (63 million eu-ros). The two subsidiaries, BDO Digital GmbH and BDO Cyber Security GmbH, are also developing promisingly. Both are recording high staff growth. In the area of cyber securi-ty, BDO advises many clients in the healthcare sector, which are exposed to a high risk of attack. Consultancy services were also further expanded in other areas. "We are working at various points with interdisciplinary teams: Be it through our holistic M&A advisory approach, our new advisory services in the area of debt advisory, or in AI consulting. We accompany the transformation at eye level," emphasises Parwäz Rafiqpoor.
Transformation, AI and digitalisation as topics for the future
Looking at the current financial year, BDO remains on course for success. The auditing and consulting firm has won prestigious mandates. In view of the increasingly complex requirements for corporate management, transformation consulting is becoming even more important for both new and existing clients. AI and digitalisation will continue to play a central role as clear growth drivers in the future. BDO has set itself the goal of further expanding and developing its service portfolio in all areas of the company with regard to AI. For example, AI-based services are currently offered, e.g. in the form of a digital environment analysis during a transaction process. BDO also advises its clients on the implementation and testing of AI systems.
BDO also uses AI-supported solutions to manage the growing volume of relevant data in the area of sustainability. "We are convinced that sustainability will continue to play a major role. The shift in reporting requirements opens up room for manoeuvre. We help companies to further develop sustainability strategies and recognise the strategic rele-vance of the issues in order to strengthen their resilience and competitiveness in the long term," emphasises Andrea Bruckner.
[1] The global BDO organisation and thus also the German BDO Group report uniformly worldwide for the period from 1 October to 30 September of each year. The information provided in this press release relates to the period from 1 October to 30 September of the following year. In this respect, the information is not fully comparable with the information in the national consolidated financial statements of BDO AG Wirtschaftsprüfungsgesellschaft as at 30 June.