EY re­ports record global rev­enues in 2016

Malta Independent - - BUSINESS -

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.

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