EY reports record global revenues in 2016
EY has announced combined global revenues of US$29.6b for its financial year ended 30 June 2016. Overall, financial year 2016 revenue grew by 9% in local currency (versus FY15). Since the launch of its Vision 2020 plan in 2013, EY has recorded a strong 9.2% compound annual growth rate.
All of EY’s service lines delivered solid growth in FY16: Assurance grew 4.8%; Advisory 13.1%; Tax 9.6% and Transaction Advisory Services 14.2%.
Mark Weinberger, EY Global Chairman and CEO, says: “These solid global results have been achieved in a difficult business environment. We are seeing continued global economic headwinds including geopolitical uncertainties, divergent monetary policy and turbulent emerging markets. Businesses are facing unprecedented disruption in their business models due to the pace and scale of technological innovation. Our sustained, strong growth rate over the past several years is the result of the quality and value our people are bringing to the market. Significant investment in our people and new technologies have allowed us to respond to the dynamic environment. There is still more work to do as we focus on helping businesses solve their toughest challenges.”
Ronald Attard, EY Malta Country Managing Partner, commented: “These excellent results once again confirm that EY is now a key global player in our field. Registering record growth for the sixth consecutive in the financially and economically volatile years we call the present is truly remarkable. For EY Malta, and more so for our current and prospective clients, this is certainly good news. We are determined to continue building on this solid track record. The future is today.”
Bringing value to the market
EY distils everything it does down to a single, unified purpose: building a better working world.
Innovation and technology are rapidly disrupting businesses and entire industries. As part of Vision 2020, EY has a holistic approach to digital transformation and innovation, which is embedded across all its member firms, service lines and sectors.
As part of its focus on innovation, EY member firms made 26 strategic acquisitions in FY16, which will bring expanded professional skills and capabilities to the market. Alliances, including seven new agreements signed in FY16, are also playing an important role in helping the global organization bring preferential access to products and skills to the market. And the EY global innovation team, launched in FY16, is assisting in bringing leading-edge robotics and artificial intelligence to businesses. EY also continues its US$450m investment program in innovations in audit quality, the foundation of investor confidence.