Accounting giant EY rakes in record global sales of £40bn as it prepares for major overhaul
Accounting and advisory giant EY raked in record global sales of £40billion as it lines up a big overhaul.
The revenue figure for the 12 months to the end of June was 13.7 per cent up on a year earlier.
It was driven by its consulting practice, which was boosted by firms looking for advice on reshaping their operations in response to the pandemic and its aftermath.
EY, which employs 365,000 people worldwide, is planning to split the consulting part of its business away from the auditing practice
EY is one of the big four auditors alongside KPMG, Deloitte and PwC, scrutinising the financial accounts of the world’s biggest firms.
It has 365,000 people worldwide, and plans to split the consulting arm from its auditing practice.
The results showed a 24.5 per cent rise in revenues for EY’s consulting division to £12.2billion, a much faster pace of growth than the auditing arm, where sales rose 6 per cent to £12.7billion.
It thinks spinning off the consulting division will unlock even stronger expansion – up to £8.3billion a year.
It could allow it to team up with tech giants such as Amazon and Google, which it cannot do at the moment because the audit arm of EY checks those firms’ accounts.
Carmine Di Sibio, chief executive said: ‘EY has achieved significant growth and continues to operate from a place of strength.’