Despite a complex and volatile environment, BDO is proud to look back on a successful financial year 2023. BDO generated revenue of CHF 269.5 million in the reporting year, an increase of 4.9 percent. Our expertise and consistent investments year after year have led to continuous growth in all product areas. Read on to learn more about our services and how we meet our clients’ changing needs.
Business performance
BDO generated revenue of CHF 269.5 million in 2023, an increase of 4.9 percent on the prior year.
Audit
Audit posted revenue of CHF 91.5 million in 2023, which represents an increase of 6.5 percent. This growth is particularly encouraging in view of the ongoing shortage of qualified professionals. Reasons for the positive performance are varied and include BDO’s significant investments in quality management and further development of data analysis tools, which have improved the effectiveness and efficiency of audits. Growing demand from clients for audit services relating to non-financial reporting, particularly in the area of ESG, also had a positive impact on the 2023 financial year.
Business Solutions
Business Solutions saw revenue increase by 4.7 percent to CHF 83.4 million in 2023. As the industry undergoes rapid change – driven by the rise of AI and other novel technologies – new opportunities are emerging in the way engagements are executed and how we work with clients. BDO invests continuously to develop its offering and strives to be a technological leader. Client needs are becoming increasingly diverse, reflecting growing market complexity. BDO emphasises systematic learning and development for its people in order to meet these growing demands.
Tax & Legal
Revenue in Tax & Legal increased by 8.0 percent to CHF 32.3 million in 2023. Once again last year, BDO actively supported companies, organisations and private individuals in preparing for legislative changes and adapting to shifting conditions. Focus areas included the increase in VAT rates planned for the beginning of 2024, the revised Swiss Data Protection Act and application of minimum taxation. Our experts helped companies adopt the measures needed to comply with the new legal requirements and adjust their business processes accordingly.
Financial Services
In 2023 the financial sector operated in an uncertain and volatile economic, social and (geo)political environment. This was compounded by additional factors such as the interest rate turnaround, interest rate hikes by central banks, economic developments and far-reaching changes such as the demise of Credit Suisse.
Despite numerous challenges, Financial Services increased revenue by 8.3 percent to CHF 20.5 million in 2023 – an excellent result. Investments in the team, new assurance and advisory projects and the expansion of key focus areas all had a particularly positive impact on the result.
Other services
(Real Estate, Abacus/IT, Corporate Finance, miscellaneous advisory services)
Demand for our other services was strong in the reporting year. Revenue increased in both Corporate Finance (now Deal Advisory) and the Abacus business. In Deal Advisory, we are proud to have completed a total of 62 transactions. In addition, we successfully merged BDO Digital with our IT consulting business.