Ernst & Young (EY) Showed Growth in Revenues in 2013
On October 8, 2013, Ernst & Young reported that its revenue has reached $25.8 billion for the fiscal year 2013. The global revenue of EY increased by 7.7% from the last fiscal year. It is the fastest growth in revenue in the previous five years. It is an indication that EY has bounced back since the international financial crisis.
Despite uneven market conditions all over the world, the revenues and headcounts continued to grow in all of EY's service lines and geographies. Its emerging-market practices showed a 12 growth in revenue. The number of employees reached to 175,000 which is an all-time high. EY has plans to hire 55,000 more recruits and interns in the coming years.
EY hired about 38,000 full-time employees during the fiscal year 2013. About 12,500 interns were also recruited in the year. It is expected that 42,000 full-time employees and 13,000 new interns will be hired in the future. EY has been recognized by Universum as the most attractive destination for business graduates who are seeking career in professional services.
Growth in EY's service lines was mostly organic. The growth came from within the firm rather than from any merger or acquisition. John Ferraro, global chief operating officer, said that . “Across all of our service lines we continue to perform well in a highly competitive and challenging marketplace.”
The largest practice of EY is assurance services. The revenue from assurance services was $10.9 billion with an increase of 4%. Revenue from fraud and investigation services increased by 23% and revenue from financial accounting advisory services increased by 30%. Revenue from tax services increased by 7%.
The strongest-performing industry sectors were financial services, government and public sector, automotive, power and utility industries, and consumer products. All of these sectors showed a double digit growth rate.