Audit generated revenue of CHF 85.9 million in 2022, an increase of 1.5 percent. In light of the strong prior year, this renewed growth is very positive. Even stronger growth was hindered by the ongoing shortage of skilled labour, which continues to affect the entire sector. New opportunities in data analysis, processing and mining had a positive impact. These instruments offer our clients deep insights into their own business and also help boost the efficiency and effectiveness of the audit. BDO invests significantly in education and training for our people; expanding our quality assurance systems; and developing innovative audit tools and technology.
Business Solutions recorded a 6.7 percent increase in revenue to CHF 79.6 million in 2022. Digital transformation is progressing at full speed in the fiduciary business, with core fiduciary processes increasingly being digitalised, and interaction with clients also shifting more and more to digital platforms. Client needs are wide-ranging, reflecting higher complexity in the market. BDO enjoys a strong position in this challenging environment. The firm is investing continuously in further developing and digitalising fiduciary processes. In addition, BDO’s broad expertise safeguards knowledge transfer, even for complex subject matters.
In 2022, Tax & Legal saw revenue grow by 4.2 percent to CHF 29.9 million. In the past year, BDO once again actively supported companies, organisations and private individuals as they adapted to legal changes and prepared for shifting conditions. For example, BDO assisted clients in implementing the new requirements arising from the revised company and inheritance laws. BDO experts also supported international companies in preparing to implement OECD minimum taxation in Switzerland.
Following an enormously successful 2021, Financial Services recorded a 2.7 percent decrease in revenue, which fell to CHF 19.0 million. The year 2022 turned out to be extraordinarily tough and turbulent for the financial industry amid geopolitical and economic challenges. Volatile markets, a return to positive interest rates and market upheaval coincided with new or stricter regulations that all put the resilience of market participants to the test. New audit and advisory projects had a positive impact for BDO, as did further development of topic focus areas such as fintech, blockchain and sustainable finance.
(Real Estate, Abacus/IT, Corporate Finance, miscellaneous advisory services)
BDO was able to increase the volume of advisory services in the past financial year and build on its market position in a dynamic environment.