BDO Seidman, LLP, a national professional services firm providing assurance, tax, financial advisory and consulting services, is reporting a 27 percent increase in revenues during the fiscal year ending June 30, 2006. Over the past two years, revenues have achieved a 53 percent cumulative increase.
The firm's revenue increase to $558 million is attributed to strong growth across all the firm's business lines including:
- Assurance revenues, accounting for 62 percent of the firm's business, increased by 28 percent
- Tax revenues, representing 23 percent of the firm's business, increased 10 percent and
- Specialized services, accounting for 15 percent of the firm's business, increased 55 percent.
âIn fiscal 2006, BDO Seidman continued to experience unprecedented growth in the core assurance business line. For three consecutive years we have had a larger net gain in SEC clients than any other accounting firm and in the past year we have seen a marked increase in initial public offerings as the financial community increasingly turns to BDO as an alternative provider to the Big Four,â BDO Seidman CEO Jack Weisbaum said in a prepared statement. âIn the past year, the tax business line and specialized services business line have also achieved strong growth. The tax practice is successfully executing a strategy that capitalizes on Sarbanes-Oxley by adding corporate work from Big Four audit clients. Growth in the specialized services line has been led by an increased demand for litigation support, fraud investigations and business restructuring services.â