Professional services firm Ernst & Young recorded global revenue of $31.4 billion, driven by strong growth in its digital consulting, business advisory, capital strategy and transaction services and the continued expansion of its tax and audit services.
Overall, financial year 2017 revenue grew by 7.8 per cent in local currency, over the previous years. 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 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.
Mark Weinberger, EY Global chairman and CEO, outlined: “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 on journey to respond to trends shaping the world
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 innovation centres 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.
Ronald Attard, EY Malta country managing partner, commented: “Local performance has also been strong with the firm registering 15.8 per cent growth in the last financial year. Demand for both traditional and new services continues to grow across sectors. We are firm believers that the only way to respond to digital disruption is to embrace it and we are investing heavily in people and new technologies to allow us to respond to this new dynamic environment and provide advice to our clients.”
EY’s investment in its people has been central to its significant growth. The global firm now employs almost 250,000 people. In the last year alone, the firm recruited 65,000 new employees and received applications from over two million people to work at the organisation.
The firm is recruiting in areas outside of its traditional skill sets and looking for candidates with expertise in statistical analysis, coding and computer science. This year it expects to hire more graduates with technological and data backgrounds than Google. EY has also been transforming its approach to talent development and giving more people the opportunity to develop ‘hot’ skills, particularly as it introduces more robotics and AI.
In FY17, EY invested approximately US$500 million and more than 12 million hours in learning to best serve clients and support the continued development of its people. For the second year in a row, EY has been voted the world’s most attractive professional services employer – and the fourth most attractive employer overall – in Universum’s annual World’s Most Attractive Employer ranking.
Targeted strategic acquisitions and alliances also support EY’s innovation efforts. In FY17, 13 strategic acquisitions expanded its professional skills and capabilities particularly in the areas of RPA, digital, cyber, analytics, supply chain and strategy. EY also continued to leverage and expand its global strategic alliances: it launched four new joint solutions with Microsoft in FY17 alone.