EY plans 'significant investment' after record revenues

EY plans 'significant investment' after record revenues

Accountancy giant EY said it would plough "significant investment" into analytics, artificial intelligence and robotics as it notched up record revenue growth for the sixth year running.

The professional services firm said global revenues rose 9% to 29.6 billion US dollars (£23.3bn) in the year ending June 30, up from 28.6 billion US dollars (£22.5bn) in 2015.

The move was driven by a 13% leap in revenues at its advisory business to 7.846 billion US dollars (£6.2bn).

It said the firm's global innovation team was training its focus on "bridging leading-edge robotics and artificial intelligence to businesses."

The update from EY comes after PwC reported earlier this week that global revenues climbed 7% to 35.9 billion US dollars (£28.2bn) over the past year. Deloitte posted an 8% rise in annual revenues to 36.9 billion (£28.9bn) last month. 

Mark Weinberger, EY global chairman and chief executive, said the organisation had achieved solid results amid a difficult business environment.

"We are seeing continued global economic headwinds including geopolitical uncertainties, divergent monetary policy and turbulent emerging markets.

"Businesses are facing unprecedented disruption in their business models due to the pace and scale of technological innovation."

Revenue picked up by 12.5% in Asia-Pacific, while the Americas rose 9.7% and Europe, Middle East, India and Africa grew 7.5%.

The US led the charge in developed markets growth, rising 9.3% to 12.2 billion US dollars (£9.6bn) , thanks to double-digit growth across its tax, transaction advisory services and advisory services line. 

Strong growth in the UK market came from its assurance and tax businesses, the firm added.

EY made 26 strategic acquisitions throughout the year and had won audit deals with Airbus, Hershey and China Communications Construction Company.



Bqlive BQB Sign Up Button LN