Last year was a strong year for professional services firm EY. The accounting and consulting giant realised combined global revenues of $28.7 billion, an increase of 11.6% compared to the previous fiscal year. EY experienced growth in all four geographic areas, as well as all four service lines, with Advisory again the strongest performer.
Financial data released by EY shows that FY15, which ended on 30 June 2015, has been a strong year for the firm. Following a good FY14, when the firm saw its revenue increase of more than 6%, the firm again managed to increase its profit. FY15 saw EY’s revenue jump 11.6% to $28.7 billion, which represents the firm’s fastest growth since 2008.
The firm experienced growth in all four geographic areas. The strongest increases are seen in the Americas at 12.3%, the EMEIA (Europe, Middle East, India and Africa) at 11.6% and the Asia-Pacific at 11.2%. Practices in the US, UK, Germany, Italy and Australia – which all saw double-digit growth – boosted the growth in the developed markets. EY’s revenue in emerging market practices’ was up by 12.3% – compared to 8.7% in FY14, growth that was particularly driven by revenue from its practices in India (up 19.7%), Mexico & Central America (up 17.3%) and the Middle East & North Africa (up 14.7%).
For EY, the biggest driver of growth was again its Advisory service line, which grew 17.6% – up 3.2% from its FY14 growth – to $7.3 billion. The second biggest increase is seen in the firm’s Transaction Advisory Services (TAS) service line, which grew 15.5%, compared to 6.5% last year, reaching $2.5 billion. Assurance, which still holds the firm’s biggest revenue share, grew by 8.1% to $11.3 billion and Tax managed to boost revenue by 10.3%.
“This year we realised strong gains across both developed and emerging markets, despite volatile conditions in many individual markets and a slowing global economy. We are proud of this year’s results, which saw fast-paced growth across all of our businesses and in each geographic area,” comments Mark Weinberger, Global Chairman and CEO of EY.
Nancy Altobello, Global Vice-Chair of Talent at EY, adds: “Our growth is a result of our people and their ability to deliver exceptional, high-quality service around the world. Our purpose – building a better working world – has helped us attract, retain and engage the most talented people around the globe – people who share our belief that by asking better questions we can get to better answers and build a better working world.”
In FY15, EY’s headcount grew to 212,000, which not only is an increase of 23,000 over last year, but also presents the largest headcount of all-time for the firm. Last year also saw the firm’s largest number of partner promotions since 2008; 753 people got promoted to Partner, of which almost third (31%) were women and 33% from emerging markets.