EY reports strong global revenue growth in 2017

KUALA LUMPUR: EY has announced that it has recorded a combined global revenues of US$ 31.4 billion for the financial year ended June 30, 2017.

In a press release, it said, its overall financial year ( FY) 2017 revenue grew by 7.8 per cent in local currency (versus FY16).

All EY service lines delivered strong growth in FY17: assurance grew four per cent; advisory 10.4 per cent; tax 7.9 per cent and transaction advisory services ( TAS) 15.5 per cent.

With the launch of its Vision 2020 plan in 2013, EY has been on a journey to adapt and transform to respond to the trends shaping the world: globalisation and the rise of the emerging markets; demographic shifts; advancing technology; and increased regulation.

EY Global chairman and chief executive officer ( CEO) Mark Weinberge said, “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.

“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 have allowed us to respond to the dynamic environment.

“While remaining focused on providing high- quality services, we are embracing these changes and utilising technologies like robotic process automation ( RPA), artificial intelligence (AI) and analytics to support clients as they work their way through these changing times. Since the Vision 2020 launch, EY has recorded strong 8.8 per cent compound annual growth.”

EY has made a commitment to embed digital transformation and innovation opportunities across all service lines and sectors. In FY17, it increased the number of globally connected EY wavespace innovation centers to 15, where clients achieve radical breakthroughs and create new business models by working with EY and using its latest methodologies, thinking and technical innovation.

It also grew its Global Innovation group based in Silicon Valley, which champions innovation across all EY businesses and initiates new innovative ventures and pilots specifically in the areas of RPA, AI and blockchain. EY is now one of the leading users of RPA technology and it is using more than 1,100 robots to support EY businesses and clients.