EY’s global revenue growth accelerated to 4.7 per cent in the year to June 30, reaching $57.0bn, outpacing Deloitte’s 3.8 per cent growth. The Big Four firm cited strong merger and acquisition activity and a reorganisation focused on managed services as key drivers. EY’s managed services business grew 13 per cent to about $7bn, with 20 per cent growth in IT services for consulting clients.
Headcount rose just 2 per cent overall, but increased 12 per cent in global service centres and centralised functions. EY Parthenon, the strategy and deal advice unit, was the fastest-growing segment, up 7.4 per cent to $6.8bn. Audit grew slowest at 3 per cent to $18.9bn, while tax rose 6 per cent to $13.8bn.
Consulting revenue increased 4.4 per cent to $17.4bn, aided by AI implementation support. Raj Sharma, EY global managing partner for growth and innovation, attributed results to operating model changes, de-layering, and increased nimbleness. He predicted continued headcount growth despite AI adoption, stating people growth rates would remain positive though not as high as in the past.
Source: Financial Times Companies · Summarized by HeadlinesBriefing