The FINANCIAL -- EY announced combined global revenues of US$27.4b for its financial year ended 30 June 2014, a 6.8% increase over FY13 in local-currency terms. Revenues grew 6.0% in US dollar terms, according to EY.
All of EY’s service lines continued to grow in FY14: Advisory grew 14.4%; Transaction Advisory Services grew 6.5%; Assurance grew 4.5%; and Tax grew 4.3%.
“I am very proud of our people’s efforts, which resulted in another strong year of growth for EY. This follows our market-leading performance last year. This financial year began with the launch of the new EY brand under Vision 2020 – our plan to be the leading professional services organization by 2020. It finished with a set of accomplishments and results that show us moving from strength to strength,” Mark Weinberger, EY’s Global Chairman and CEO, said.
Across EY’s geographic Areas, the Americas enjoyed an increase of 9.1% on FY13. All other Areas – Europe, Middle East, India and Africa (EMEIA), Japan and Asia-Pacific – posted growth above 5% in local currency. EMEIA was buoyed by a 16.5% increase in India revenues. Despite weakening economic conditions in some regions, Asia-Pacific benefited from 6.8% revenue growth in Greater China, according to EY.
EY’s emerging market practices grew by 8.7% overall, despite tough economic conditions and a slowdown in a number of key emerging market economies. This compares to 12% last year.
“Emerging markets will continue to drive economic growth for the foreseeable future. By 2020, we’re predicting about 30% of our revenue will be from emerging markets and we have earmarked US$1.5b for investment to support that growth,” Weinberger said.
EY’s fastest growing sector practices were Life Sciences and Government and Public Sector, both of which saw double-digit revenue increases, according to EY.