Our focus on organic growth and development saw BDO’s combined fee income increase by 27% to GEL12,4 mln as compared to last year. By latest official rankings BDO maintains solid 3rd place among the audit companies operating in Georgia.
Financial results demonstrate growth in every direction. Major regulatory changes have fundamentally altered the way audit services are delivered in Georgia. BDO’s ability to rapidly adapt, be ready and qualified to deal with the challenge led to significant 29% growth in audit practice reaching revenues of GEL2.7 mln.
Our business service outsourcing team has reported growth of 18% also reaching revenues of GEL2.7 mln. We maintain our focus on the modern blend of technology and this service stream, which aims on even more diversification and flexibility of outsourced services.
Technology Advisory was an integral part of BDO’s professional practice this past year, which had a considerable impact on performance by all our teams across many service lines, although business advisory stream showed remarkable 27% growth in 2017. We proudly present one of the most diverse business advisory services to the market, strengthened with deep industry knowledge, technology expertise and innovative approaches. Combined revenues from business advisory crossed GEL5.0 million mark in 2017 reflecting impressive growth in: legal advisory by 30%, corporate finance by 18%, software & technology advisory by 42% and business trainings by 130%.
2017 was an exceptional year in respect of people development at BDO. Another successful stream of secondments to BDO USA marked 2017 to accumulate valuable experiences within the firm. We promoted 29 professionals throughout the year and by 31 December 2017 BDO in Georgia was represented by 11 partners, 144 professional staff and team of 35 administrative staff.
We saw series of best tailored restructuring of professional, supporting and administrative units at BDO to achieve effective allocation of responsibilities. Such assembling of teams contributed largely to spectacular financial results as well as provided excellent support to all core functions in the firm.
Another significant achievement of 2017 was the successful first quality assurance review by the new regulatory body in the country - Service for Accounting, Reporting and Auditing Supervision. BDO was one of the 5 audit firms in the country to be awarded the top category, which reflects our commitment to quality and professionalism.
Zurab Lalazashvili, Managing Partner of BDO says: “Since the establishment of our firm back in 1999 we have made significant progress in diversification as well as offering the most tailored approaches to each service provided for our clients. Every year we get closer to accomplishing our strategic goals with respect to the growth and development of the firm and our people who in fact make all this possible. Our team spirit, our commitment to quality and exceptional relationships everywhere paid off indeed and I look forward to even better times ahead.”
Levan Mklavishvili, Senior Partner of BDO says: “Our strong financial performance is an adequate response to our decision to invest heavily in service quality and resources throughout the year. We are proud of our service diversity, ability to adapt to the ever changing needs of business as well as the increasing pace of technological and digital transformations. Due to these factors clients’ expectations become naturally higher. It makes us more agile to serve them better every day, with excellent professional knowledge and modern technology. It is our people who are in the center of exceptional service delivery and we stay committed to our employee value proposition offering the best platform for personal and professional development to our people to fairly justify their efforts and dedication to BDO".