SINGAPORE (Sept 5): EY, the multinational professional services firm, posted a 7.8% growth in combined global revenues to US$31.4 billion ($42.6 billion) for the full year ended June from a year ago.
The topline was buoyed by higher revenue contributions across all four of the group’s service lines, namely: Assurance (4%), Advisory (10.4%), Tax (7.9%), and Transaction Advisory Services (15.5%).
In a press release on Tuesday, EY says the latest set of results marks its seventh straight year of strong growth.
On a regional basis, Asia Pacific achieved the highest revenue growth rate by registering an 11.3% y-o-y increase in FY17 revenue growth to US$3.6 billion from US$3.2 billion a year ago – followed by Europe, Middle East, India and Africa (8.6%) and the Americas (7%) , while Japan registered a marginal 2% decline.
To sum up FY17, EY increased its number of globally-connected EY ‘wavespace’ innovation centres; initiated a number of innovative proofs of concepts, such as its intended expansion of the use of drones in inventory observations; as well as completed 13 strategic acquisitions to expand its professional skills and capabilities, particularly in the areas of robotic process automation (RPA), cyber, analytics and strategy.
The group highlights that its alliances – including six new agreements like ones signed with John Hopkins Armstrong Institute for Patient Safety and Quality and Pivotal -- part of Dell EMC -- in FY17 – continue to play an important role bringing EY clients preferential access to products and skills.
“We have once again achieved strong revenue growth in what continues to be a complex business environment. In this disrupted and fast-paced world, clients are increasingly turning to EY for advice and insights on how to better manage risk, where to seek growth and how to weave digital into their strategies and operations,” says Mark Weinberger, EY Global Chairman and CEO.
“EY has a holistic approach to digital transformation and innovation, which is embedded across all service lines and sectors. Significant investment in people and new technologies has allowed us to respond to the dynamic environment,” he adds.
In FY17, more than 65,000 out of over two million applicants hired to work in member firms of EY.
The group notably saw 669 staff members promoted to partner level and more than 385 new lateral partners over FY17, while investing US$500 million and more than 12 million hours in learning to best serve clients and support the continued development of its employees.
Since its global marketplace for talent, GigNow, launched in FY17, over 3,000 contractors have been registered on the platform, out of which about 500 have been matched with EY projects.
