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October 8, 2013

EY reports 6% revenue growth

EY has reported annual revenues of US$25.8bn in the year to 30 June 2013, up 6% year-on year and up almost 8% in local currency terms.

EY reported organic growth across all its main service lines with assurance growing 4% to $10.9bn, tax increasing? by 7% to $6.9bn and advisory 18% to 5.8bn.

The global firm attributed the (strong) organic growth to the "strategic focus on leveraging all our core consulting and technology competencies on delivering transformational risk and performance improvement services in high-growth sectors".

Regionally, Americas revenues were up by 10.4% with the firm’s US practice said to have grown 10%.

Europe, Middle East, India and Africa revenues were up 7% with the strongest performers being Turkey (19%), India (17%), the Middle East (13%) and Africa (11%).

In Asia-Pacific EY increased revenues by 4% despite a challenging economic backdrop and led by the growth of China (10%) and Vietnam (14%) practice.

EY said it recruited 38,000 people in the past fiscal (24,000 graduates and 14,000 experienced staff).

More than a quarter of the firm’s new partners are women (131 of the 520 new partners).

The global firm also rebranded from Ernst & Young to EY in July this year.

For the future EY chairman and chief executive Mark Weinberger said: "Over the next three years we will spend $400m on improving our audit methodologies and tools to continue to enhance audit quality. At the same time a major investment in technology and services, S$1.2b over the next three years, will deliver transformational technologies to help EY better connect with our clients."

Related linkEY

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