EY announced combined global revenues of $25.8 billion for its financial year ended June 30, 2013. This represents 7.7 per cent growth over the previous financial year in local-currency terms and EY’s fastest growth since 2008. Revenues grew 5.8 per cent in US dollar terms. All EY’s service lines and geographies continued to grow revenues and headcount despite uneven market conditions in many parts of the world.
“I congratulate our 175,000 great people around the world for providing exceptional, high-quality service to our clients, contributing to our strong sense of purpose and delivering an impressive set of results. Everything we have accomplished this year is due to them and I am extremely grateful for everything they have done,” said Mark Weinberger, EY’s Global Chairman and CEO. “To achieve a robust performance despite a difficult economic environment in the last 12 months demonstrates their talent and energy, as well as their commitment to quality.
“Looking forward, there remain significant economic and geopolitical uncertainties in developed and fast-growth emerging markets.
Despite short-term uncertainties, we continue to invest for the long term
“Despite these short-term uncertainties, we continue to invest for the long term. In FY14 we are demonstrating our confidence in the future of the global economy and our profession by investing heavily in new markets and new services as well as planning to add 55,000 new recruits and interns over the next 12 months.”
Growth in all of EY’s service lines was almost entirely organic.
As well as setting aside significant sums towards emerging markets, EY has also made major investments in the services it provides to clients as part of its Vision 2020 that was launched earlier this year.
Mr Weinberger explained: “Over the next three years, we will spend $400 million on improving our audit methodologies and tools to continue to enhance audit quality. At the same time, a major investment in technology and services – $1.2 billion over the next three years – will deliver transformational technologies to help EY better connect with our clients.”
During FY13, EY recruited more than 38,000 full-time people (24,000 graduates and 14,000 experienced hires) and 12,500 interns, and grew its headcount to 175,000. EY expects to hire more than 42,000 (27,000 graduates and 15,000 experienced hires) full- time people and 13,000 interns in FY14. In July, EY announced that 26 per cent of its 520 new partners were women, up from 19 per cent five years ago.