‘’Our sustained, strong growth rate over the past several years is the result of the quality and value our people are bringing to the market. Significant investment in our people and new technologies have allowed us to respond to the dynamic environment,” says Bogdan Ion, Country Managing Partner, EY Romania.
All of EY’s service lines delivered solid growth in FY16: Assurance grew 4.8%; Advisory 13.1%; Tax 9.6% and Transaction Advisory Services (TAS) 14.2%.
As part of its focus on innovation, EY member firms made 26 strategic acquisitions in FY16, which will bring expanded professional skills and capabilities to the market. Alliances, including seven new agreements signed in FY16, are also playing an important role in helping the global organization bring preferential access to products and skills to the market. And the EY global innovation team, launched in FY16, is assisting in bringing leading-edge robotics and artificial intelligence to businesses. EY also continues its US$450m investment program in innovations in audit quality, the foundation of investor confidence.
Continued growth across all geographies, key industries and markets
EY global revenue (US$ 29.6 billion) increased across all four of EY’s geographic areas: the Americas 9.7%; Europe, Middle East, India and Africa (EMEIA) 7.5%; Asia-Pacific 12.5% and Japan 6.4%.
EY’s emerging market practices recorded a second consecutive year of solid double-digit growth – up 12.8% overall (outpacing FY15 growth of 12.3%) – despite continued difficult economic conditions in key emerging market economies. Growth in the emerging markets was led by India (18.4%); Greater China (14.6%) and Brazil (12%), where the EY member firm in Brazil sponsored the Rio 2016 Olympic Games and was the official professional services provider to the Rio 2016 Organizing Committee.
EY recorded strong, double-digit growth across five key industry sectors: the Banking & Capital Markets and Insurance sectors achieved double-digit growth, which was led by strong demand for services supporting regulatory change, cybersecurity, digital transformation and financial technology. Technology sector revenue was driven by strong M&A activity, transformative change in the industry tied to emerging and innovative technologies and increasing client engagements supporting the sharing economy. Health and Government & Public Sector growth was driven by transformational and regulatory services and new engagements in the areas of robotics and data analytics, among others.
Most attractive professional services employer
In FY16, EY invested more than US$500m in training and nearly 12m hours in learning to its people, an increase of 3m hours over the prior year.
EY was voted the world’s most attractive professional services employer – and again the third most attractive employer overall – in Universum’s annual World’s Most Attractive Employer ranking. EY was also recognized by Great Place to Work as one of the World’s Best Multinational Workplaces.