Jessica Fino 5 Sep 2017 10:58am

EY's global revenues up almost 8%

EY’s global revenues increased 7.8% this year thanks to strong growth across its digital, business advisory and capital transactions services

Revenues grew to $31.4bn (£24.29bn) and its headcount increased by 7.3% to 250,000 employees globally, for the year ended 30 June 2017.

The growth was powered by an increase in revenues across all its services lines, with transaction advisory services growing 15.5%, advisory 10.4%, tax 7.9% and assurance 4% compared with 2016.

EY promoted 669 people to partners and recruited 385 new lateral partners, with 36% of them coming from emerging markets. The firm said 30% of its senior leaders are women.

The Asia-Pacific region registered the highest growth rate of 11.3%, while Europe, Middle East, India and Africa (EMEIA) grew 8.6% and the Americas 7%. However, Japan fell by 2%.

In the US, revenues grew by 6.7% thanks to the transaction advisory services business, with five of the top 10 global merger and acquisition deals coming from US-headquartered businesses.

EY said that the UK recorded “near double-digit growth” across all service lines, sectors and regions “despite Brexit and other geopolitical events adding new dimensions to the business environment”. Elsewhere, India grew by 19.6% and Mexico by 14.8%.

Mark Weinberger, EY global chairman and chief executive, said, “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.”

Weinberger added, “While remaining focused on providing high-quality services, we are embracing these changes and utilising technologies like robotic process automation (RPA), artificial intelligence (AI) and analytics to support clients as they work their way through these changing times.”

The Big Four firm said it was seeking to expand the use of drones in inventory observations, as part of digital audit capabilities focused on enhancing audit quality.

The firm announced in June it would start using drones to improve the audit process. These will be used to count units in an automotive manufacturing plant, or to conduct an automated stock count in a warehouse.

EY hired more than 65,000 people this year, and the firm now has 18,000 data and analytics professionals, with 2,100 of them data scientists.

Last week Deloitte UK also recorded its seventh consecutive year of growth but its partner profit slowed.