Despite split distractions, EY records best financial year ever

03 October 2023 Consultancy.uk 3 min. read
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Professional services firm EY has weathered its recent internal storm to post record global revenues of almost $50 billion.

Despite internal turmoil over its failed split-bid, professional services firm EY has described 2023 as one of the most successful years in the company’s history following growth of 14 percent to almost $50 billion in revenues.

The accounting and advisory firm noted that $3.6 billion of that figure had been reinvested into improved quality and capabilities, including $1.4 billion put toward a newly launched unified AI platform dubbed EY.ai.

Despite split distractions, EY records best financial year ever

“I am very proud of EY growth this year,” stated outgoing global CEO Carmine Di Sibio. “The organisation is seeing the result of investment in pivotal alliances, cutting-edge technologies, and, most profoundly, the continuous upskilling of EY people. Our teams have supported thousands of clients to navigate challenging global economic conditions, working with them to overcome obstacles and transform their businesses for success.”

Belying the market gloom at the beginning of the year – which saw some 3,000 jobs shed by the firm in the US alone – EY’s consulting practice proved both its fastest growing and now its biggest money spinner, up by nearly 22 percent to over $16 billion. Assurance and Tax followed, both recording low double-digit growth to respective contributions of $15 billion and $12 billion, while Strategy & Transactions witnessed the slowest growth.

Consulting also jumped ahead of Assurance in terms of personnel, with more than 120,000 of the firm’s 395,000-strong global headcount now employed in the division, along with more than 70,000 who work specifically in the area of technology. Altogether, 120,000 people joined the firm last year, with an overall growth rate of 8 percent, while over 2,200 received promotions from director through to partner level, 36 percent of them being women.

Global revenue of the Big Four

From an ESG perspective, EY said it has made significant progress on its science-based decarbonisation plan, with the firm “on track” to achieve the ambition of becoming net zero in 2025.

The firm’s EY Ripples corporate responsibility program, which has the ambitious goal of positively impacting 1 billion lives by 2030, positively impacted 46 million lives in its latest 2022/23 financial year, lifting its total impact to around 127 million lives.

The almost $50 billion revenue base sees EY consolidate its position as the third largest of the Big Four. The firm has however been growing faster than number two, PwC, which is expected to release its results this month.

The UK organisation of EY (revenue: £3.2 billion) will release its consolidated results in November.