EY announces combined global revenues of US$40b for the financial year ended June 2021 (FY21), an increase of 7.3%, a solid result given the global economic impact caused by the COVID-19 pandemic. Over the past seven years, the global EY organization has recorded strong 7.3% compound annual growth.
- Global revenues of US$40b, up 7.3%
- 20m lives positively impacted through the corporate responsibility program, EY Ripples
- Plans for investments of US$10b in FY22-FY24
EY also announced a three-year expansion plan and a combined investment spend of US$10b between FY22 and FY24, which supports the EY NextWave strategy.
EY investments to support audit quality, transformation, technology, and people
The US$10b investment plan is being made in people, technology and quality management systems to help further build trust in the capital markets by strengthening audit quality, supported by the implementation of technology-driven innovations in risk-based and other audit procedures, including the detection of fraud.
The plan includes $2.5b in technology investment over the next three years, with a strong focus on artificial intelligence (AI), trusted data fabric and disruptive technologies, as well as the wider EY ecosystem of strategic alliances. The plan will also see further buildout of the global client technology platform that underpins EY services and solutions. This platform is currently used by more than one million EY clients and processes a volume of 250 million transactions daily through the deployment of hybrid and multi-cloud capabilities across 200 countries.
The EY organization will continue to attract technology and data specialists, which today exceed 44,000 technologists and 22,000 data professionals – including a neurodiverse engineering team. EY will accelerate the use of technology to embrace post-pandemic working while also accelerating technology-enabled transformation.
Expanding strategy consulting services
EY will expand strategy consulting (EY-Parthenon) and sustainability services, and invest to ensure that clients and EY people benefit from leading-class technology – all backed up by continued strategic acquisitions and the EY ecosystem of world-class alliances. The investment will also include supporting EY people to hone new skills and advance efforts to positively impact communities.
EY-Parthenon is the world’s fifth largest strategy consulting organization today in terms of revenue, with more than 6,500 professionals and 750 partners of EY member firms across the globe. EY-Parthenon recorded revenue growth of 19.6% in FY21, with EY-Parthenon teams supporting clients across the world to successfully transform their businesses. The consulting organization will continue to expand into key markets and build out its portfolio of strategy services and solutions.
Driving a value-led sustainability agenda
EY teams are developing new global sustainability solutions for EY clients. The solutions will be focused around value-led sustainability, helping EY clients capture the business opportunities from sustainability and decarbonization, while protecting and creating value. EY teams are also helping clients to integrate environmental, social and governance (ESG) disclosure into their wider strategies.
EY will continue to build on its ecosystem of strategic alliances which were expanded in FY21. Nine new alliances were announced in FY21, expanding capabilities in industry solutions, digital, cybersecurity and supply chain, through agreements with Fadata, Nottingham Spirk, Tanium and CrowdStrike.
This three-year plan also includes significant investment in people, including a large increase in the partner cohort through hiring and internal promotion, aligned to key growth areas. EY will also continue to upgrade the skills of its 312,250 people through an expanded learning program.
Building a better working world
The EY organization has set the ambitious goal of positively impacting 1b lives by 2030 through the EY Ripples corporate responsibility program. More than one million people will be mobilized globally through EY Ripples to drive long-term change by working with impact entrepreneurs, supporting the next generation and accelerating environmental sustainability. Since EY Ripples was established in 2018, more than 55m lives have been positively impacted, including 20 million lives in FY21. In FY21, there were investments of a total of US$119m in projects dedicated to strengthening communities, and EY people contributed 837.000 hours of time to a variety of initiatives and value-in-kind projects.
Commenting on EY’s global revenues for FY21, Ronald Attard, Cyprus Country Managing Partner, said: “Our continuous investment in innovation, technology and, above all, human capital has resulted in one more year of substantial growth in global revenues. EY will invest a further $10b over the next three years continue to help its clients, people and communities innovate and transform. This has been no ordinary year in Cyprus, as with the rest of the world. While focusing on protecting our people and consolidating our remote work model, we have stood by our clients, our government and communities helping them deal with the unprecedented challenges of the pandemic and adapt to the new post-COVID-19 reality. We are grateful to our teams for making this possible through their professionalism and hard work.”