EY reports 2013 global revenues of US$25.8 billion
- Fastest growth in five years of 7.7%
- Revenues improve across all service lines and geographies
- Emerging-market practices see combined revenue growth of 12%
- Headcount reaches all-time high of 175,000
Johannesburg, 9 OCTOBER 2013 – EY today announced combined global revenues of US$25.8 billion for its financial year ended 30 June 2013. This represents 7.7% growth over the previous financial year in local-currency terms, EY’s fastest growth since 2008. Revenues grew 5.8% in US dollar terms. All EY’s service lines and geographies continued to grow revenues and headcount despite uneven market conditions in many parts of the world.
“I congratulate our 175,000 great people around the world for providing exceptional, high quality service to our clients, contributing to our strong sense of purpose, and delivering an impressive set of results. Everything we have accomplished this year is due to them and I am extremely grateful for everything they have done,” says Mark Weinberger, EY’s Global Chairman and CEO. “To achieve a robust performance despite a difficult economic environment in the last 12 months demonstrates their talent and energy as well as their commitment to quality.”
Performance highlights by services and sector
John Ferraro, EY’s Global Chief Operating Officer comments, “Across all of our service lines we continue to perform well in a highly competitive and challenging market place.” Growth in all of EY’s service lines was almost entirely organic.
Performance highlights by region
Europe, Middle East, India and Africa saw good growth of 7% given the ongoing economic problems in several countries. There were strong individual performances from emerging markets such as Turkey (19%), India (17%), the Middle East (13%) and Africa (11%) but also in developed countries such as Italy (9%) and Germany (8%).
Ajen Sita, EY CEO for Africa comments, “Africa has been a key area of focus for investment by our global firm since we integrated 33 countries into a single operating model across the continent. The recent opening of EY offices in Cameroon and South Sudan is testament to the investment in Africa and also validates our ongoing commitment to investing in the right people, systems and solutions to allow for knowledge-sharing across geographies, business units and industry sectors.”
“We believe that our increasing ability to operate as an integrated firm across Africa will continue to enhance the value we add to our clients, as well as the opportunities that we offer our people. In addition to the organic growth that the African firm has achieved this year, a number of strategic acquisitions were concluded during the past 18 months, which will enhance the breadth and depth of the solutions we offer to our clients.”
Overall our emerging markets practices had a combined revenue growth of 12%.
Investing in the future
As well as setting aside significant sums to continue our commitment to the emerging markets, EY has also made major investments in the services it provides to clients as part of its Vision 2020 that was launched earlier this year.
Mark Weinberger explains, “Over the next three years we will spend $400m on improving our audit methodologies and tools to continue to enhance audit quality. At the same time a major investment in technology and services, $1.2b over the next three years, will deliver transformational technologies to help EY better connect with our clients.”
During FY13 EY recruited more than 38,000 full time staff (24,000 graduates and 14,000 experienced hires) and 12,500 interns and grew its headcount to 175,000. EY expects to hire more than 42,000 (27,000 graduates and 15,000 experienced hires) full time people and 13,000 interns in FY14. In July EY announced that 131 (26%) of its 520 new partners were women, up from 19% five years ago.
EY was recently recognised by Universum as the most attractive destination for business graduates looking for a career in professional services, and as the second-most attractive employer overall.
Sita says, “In South Africa our firm has been recognised for its ongoing commitment to Broad-Based Black Economic Empowerment (B-BBEE), by being rated an AAA – Level 2 contributor.” In addition, EY was recently awarded the following accolades by the Top Employers Institute:
- EY South Africa - 3rd in overall Top 10 rankings for Top Employers South Africa
- EY South Africa - 1st in Industry ranking for Professional Services
- Certified ‘Top Employer Africa 2014’ in Botswana, Kenya, Mauritius, Mozambique, Namibia, Nigeria, South Africa and Zimbabwe
EY’s ambitious growth strategy and its pan-African vision, inclusive leadership philosophy and leading people culture also contributed to EY scooping two first prizes for gender empowerment in the workplace and for its NextGen programme.
Building a better working world
On 1 July EY announced a new global brand name, unveiled a new logo and adopted Building a better working world as its purpose and tagline.
Mark explains, “Every day, every EY person is part of building a better working world – for our clients, our communities, and our families. We believe that everything we do – every audit, every tax return, every advisory opportunity, every interaction with a client or colleague – contributes to building a better working world.”
Sita concludes, “Our brand name and logo are important indicators of who we are and what we stand for. Now we are taking the opportunity to strengthen and modernise how we represent ourselves in markets around the world to our clients, our people and the communities in which we operate.”
Notes to editors
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.
This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.
Following on from EY’s successful integration in 2008 of 87 countries into one area from across Europe, Middle East, India and Africa (EMEIA), the firm has launched its Africa Business Center™ (ABC), which aims to enhance the effective and efficient links between its geographic reach and areas of expertise. The firm enjoys representation in 33 countries across Africa.