Big Four accounting firm EY (formerly Ernst and Young) reported global revenues of $29.6 billion for its financial year ended 30 June 2016. Overall, revenue for the 2016 financial year (FY) grew by 9% in local currency from last year.
All four of EY’s service areas had solid growth in FY16: Assurance grew 4.8%; Advisory 13.1%; Tax 9.6% and Transaction Advisory Services (TAS) 14.2%.
The US led developed markets growth, recording another strong year with $12.2 billion in revenue, a 9.3% increase over FY15.
Mark Weinberger, EY Global Chairman and CEO, said:
“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.”
EY saw 714 people promoted to partner and more than 380 join EY firms as partners. This year’s newly promoted partner class is among the most diverse ever, with 35% from emerging markets and 29% women. Overall, headcount at the firm increased by 9.2% over FY15, reaching 231,000 people globally.