PracticeAccounting FirmsEY reports global revenue growth of 7.8%

EY reports global revenue growth of 7.8%

EY has announced combined global revenues of US$31.4bn for FY17, an increase of 7.8% from the previous year

EY has announced combined global revenues of US$31.4bn for the financial year ended 30 June 2017, an increase of 7.8% from the previous year.

Growth by region and sector

Revenue growth was strong across all sectors, with double digit growth seen in its Transaction Advisory Services (TAS) (15.5%) and advisory services (10.4%). Growth was also seen in tax (7.9%) and assurance (4%).

By geographical region, Asia-Pacific achieved the greatest growth rate of 11.3%, while Europe, Middle East, India and Africa (EMEIA) achieved 8.6%, the Americas 7%, and Japan saw a marginal decrease of 2% compared with FY16.

Following the launch of its Vision 2020 plan in 2013, which underscores the goal to be a US$50bn distinctive professional services organisation by 2020, EY has had strong 8.8% compound annual growth.

Mark Weinberger, EY global chairman and CEO, said: “We have once again achieved strong revenue growth in what continues to be a complex business environment.”

“Significant investment in people and new technologies have allowed us to respond to the dynamic environment.”

Workforce

EY has continued to grow and develop its workforce, hiring 65,000 people in FY17 and taking the number of global EY employees to 250,000. This was headcount growth of 7.3% over FY16.

The firm promoted 669 new partners and over 385 lateral partners. The past year also saw increased gender diversity with nearly 30% of new partners being women.

Innovation

The Big Four firm has focussed particularly on innovation in the areas of RPA, AI and blockchain, now using over 1,100 robots across their business.

Weinberger added: “While remaining focused on providing high-quality services, we are embracing these changes and utilizing technologies like robotic process automation (RPA), artificial intelligence (AI) and analytics to support clients as they work their way through these changing times.”

EY has fostered innovation and digital transformation opportunities over the past year through increasing the number of globally connected EY wavespace™ innovation centres to 15 and growing its Silicon Valley based Global Innovation group.

EY further strengthened these efforts through 13 acquisitions and six partnerships in FY17, including agreements with John Hopkins Armstrong Institute for Patient Safety and Quality and Pivotal (part of Dell EMC).

The firm is also exploring the use of drones to advance audit quality through improving inventory operations.

Carmine Di Sibio, EY Global managing partner of client service said: “There is only one way to respond to this level of digital disruption – and that is to embrace it. We have focused on investments in emerging technologies and we are developing new solutions in collaboration with EY clients and alliances. As all businesses are challenged to evolve, we are bringing together the best talent and latest technology to drive truly transformative innovation in all our services.”

Deloitte recently reported revenue growth of 11%.

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