- EY records seventh consecutive year of strong growth
- .Continued expansion of innovation centers and significant investments in digital transformation, analytics, artificial intelligence and robotics support growth
- 13 acquisitions and 6 new global alliances expand resources and capabilities
EY announces combined global revenues of US$31.4b for the financial year ended 30 June 2017. Overall, financial year (FY) 2017 revenue grew by 7.8% in local currency (versus FY16). All EY service lines delivered strong growth in FY17: Assurance grew 4%; Advisory 10.4%; Tax 7.9% and Transaction Advisory Services (TAS) 15.5%.
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: globalization and the rise of the emerging markets; demographic shifts; advancing technology; and increased regulation. Since the Vision 2020 launch, EY has recorded strong 8.8% compound annual growth.
Driving growth through innovation and digital
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 wavespace™ innovation centers 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.
Developing the workforce of the future
With globalization, regulatory changes and advances in technology impacting the working world, EY is embracing technological disruption and changing work patterns to help ensure it has the diverse talent to better serve its clients. EY continues to be a leader in recruiting and developing strong talent from around the world. In FY17, more than 65,000 people were hired into EY and more than two million people applied to work in the organization.
Overall, headcount increased by 7.3% over FY16, reaching 250,000 people globally. EY has 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$500m and more than 12m hours in learning to best serve clients and support the continued development of EY people.
Stavros Pantzaris, EY Cyprus Country Managing Partner, says:
“The financial year ended 30 June 2017 was another strong year for EY globally despite the challenging and increasingly complex and disruptive business environment. Our growth rate globally since the launch of our Vision2020 four years ago, has been around 9%. We have invested substantially in people and new technologies to be able to respond to the dynamic environment and we are seeing solid and sustainable growth throughout the organization. Our relentless focus on providing high quality services has enabled us to win many new projects this year. At EY Cyprus, as we celebrate 80 years of successful business in Cyprus, we continue with the necessary transformation of our organization, by incorporating digital and innovation to support businesses and clients as they navigate through new challenges and disruption.”