EY posts double-digit growth across the globe
A strong breadth of performance from EY sees its largest growth since the financial crisis
STRONG PERFORMANCE across the breadth of its business has seen EY post its highest growth figures since the financial crisis.
The firm grew global revenues by 11.6% to $28.7bn (£18.6bn), its best growth figures since 2008.
It saw increases across all geographies and service lines, while its 212,000 headcount is its highest ever (up 23,000 on last year). Some 753 people were promoted to partner, while 618 were hired at partner level.
Advisory services, a key area of growth for all the major accounting firms, grew 17.6% for the y/e 30 June 2015 – following 14.4% growth a year earlier. Corporate finance work is also on the up, with its transaction advisory services growing 15.5%. Tax also saw double-digit growth at 10.3%. Assurance growth picked up, to 8.1% from 4.5% a year earlier.
The US, UK, Germany, Australia and Italy were top performers among developed markets, while India grew 19.7%. Middle East and North Africa grew 14.7%, while Mexico and Central America grew 17.3%.
Mark Weinberger, EY’s global chairman and CEO (pictured), said: “This year we realised strong gains across both developed and emerging markets, despite volatile conditions in many individual markets and a slowing global economy.
Despite concerns of slower growth in many emerging economies, Weinberger said the firm was “confident” about the long-term potential in these markets, predicting that 30% of its revenues will come from those areas by 2020.
A number of sectors saw strong performance, including Life Sciences – buoyed by M&A/IPO activity, while insurance, banking & capital markets, wealth & asset management also delivered a double-digit uptick.