EY’s revenues rise by 11.6%

Ersnt & Young says its combined global revenues for the financial year ended June 30, 2015 was $28.7bn.

The amount is 11.6 per cent higher than the figure for the 2014 financial year, which had increased by 6.8 per cent over the financial year ended June 30, 2013.

The multinational professional services firm, which has its headquarters in London, said it recorded revenue growth across all of its service lines and in all the geographic regions in the financial year under review.

A statement by the firm quoted its Global Chairman and Chief Executive Officer, Mark Weinberger, as saying, “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.

“Under our vision 2020 strategy, we have been very explicit about our purpose of building a better working world and this has given us great momentum both inside and outside the organisation. It has helped us attract, retain and motivate our people. Our purpose has also been valuable as we engage with our clients and in guiding our successful work on their complex issues.”

Ernst & Young explained in the statement that despite an uneven global recovery, and an economy with serious weaknesses and uncertainty hampering both developed and emerging markets, the 2015 growth was its highest since 2008.

It said, “Strong performance in the developed markets was led by the US, which grew 12.5 per cent to $11.2bn – its largest increase in 10 years. The US achieved balanced performance across all businesses, sectors and geographies. Elsewhere in developed markets, the UK achieved strong growth, led largely by new major accounts across its audit practice, as well as the strength of its TAS and tax businesses.”

It added that it recorded double-digit growth in its Australian, German and Italian member firms and that its emerging market practices grew by 12.3 per cent overall (compared with 8.7 per cent last year), despite mixed economic conditions in key emerging market economies.

India led the emerging markets with 19.7 per cent growth, while other strong regions included ASEAN (12.9 per cent), Africa (11.3 per cent), Mexico and Central America (17.3 per cent) and Middle East and North Africa (14.7 per cent).

The Country Leader, Ernst & Young Nigeria and Regional Managing Partner, West Africa, Henry Egbiki, attributed the success to the huge investments in the people across the service lines.

He was quoted as saying, “Our growth is driven by our continued investment in quality people across all business units. This has enabled us to support our clients and ensure that we deliver exceptional high quality service. We seek to understand the business challenges that confront our clients on a daily basis and help them to navigate the difficult business terrain.

“We are very confident in the long-term potential of our markets and will continue to make the right level of investment to drive growth.”

On his part, the CEO for Africa, Ernst & Young, Ajen Sita, said, “Africa has been a key area of focus for investment by our global firm since we integrated 33 countries into a single operating model across the continent in 2008.

“The recent acquisition of IZAZI Solutions, which is the fourth acquisition of our Africa practice in three years is testament to the investment in Africa, and also validates our ongoing commitment to investing in the right people, systems and solutions to allow for knowledge-sharing across geographies, business units and industry sectors.”

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