Big Four

EY full-year revenues spike 7.35% to $40bn

The Big Four firm has also announced a three-year expansion plan with total investments of $10bn (£7.24bn) set to take place between FY22 and FY24

EY saw its combined global revenues rise 7.3% year-on-year to $40bn (£28.9bn) in the year ended June 2021.

The group’s strategy and transactions arm saw the greatest growth in revenues, climbing 14.6% from $4.18bn (£3.02bn) in FY20 to $4.79bn (£3.47bn) this year.

While EY’s assurance department remained its largest contributor to total revenue, bringing in $13.6bn (£9.84bn) during the period, its 5.8% year-on-year growth represented the slowest of the firm’s key service lines.

Elsewhere, revenues at the company’s tax division climbed 7.2% to $10.5bn (£7.6bn), while its consulting business increased 6.4% to $11.1bn (£8.03bn).

Breaking the results down by region, EY’s EMEIA and Asia-Pacific operations saw respective 10.2% and 13.8% year-on-year spikes, while its businesses in the Americas grew just 2.8% in FY21.

Carmine Di Sibio, global chairman and CEO at EY, said that the figures represented an “outstanding set of results” despite the “challenging year” that was FY21.

Alongside FY21’s financial results, the Big Four firm announced a three-year expansion plan with total investments of $10bn (£7.24bn) set to take place between FY22 and FY24.

Included in the strategy is a $2.5bn (£1.81bn) technology investment over the next three years, focusing mainly on AI, data fabric and disruptive technologies, and the wider EY ecosystem of strategic alliances.

Di Sibio added: “A record $10b (£7.24bn) three-year investment plan in vital areas such as audit quality, strategy, and sustainability, will continue to help EY clients, EY people and communities innovate and transform. 

“The world is changing fast and the EY organisation is ideally placed to help stakeholders fulfil their need to succeed in a manner which is equitable and sustainable, and which respects the environment.”

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