Home Financial Record EY set to post $45.4 billion in global revenue

EY set to post $45.4 billion in global revenue

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EY has told staff it expects to report record global revenue of $45.4 billion for its latest financial year, as attempts to win support from top executives for a dissolution of its audit and of advice drag on.

Accounting firm Big Four released the figure during a call to its 312,000 employees worldwide, hosted by chairman and chief executive Carmine Di Sibio.

Revenue represents a 13.5% increase from the $40 billion in revenue EY reported for its prior fiscal year, which ended June 2021. Revenue was up 16.4% in currency local, people at the company said. EY typically releases its global earnings in September.

The jump follows a booming demand for professional services firms. All of the Big Four – which also include Deloitte, KPMG and PwC – saw sales increases last year.

PwC boss Bob Moritz told the Financial Times this month that he expected his firm to report record revenues of around $50 billion for the 12 months to June 2022. companies do not disclose their global profits.

Staff received little new information about EY’s proposed severance during Thursday’s call, according to people at the company. The split would be the biggest upset for a Big Four group in two decades.

EY plans to spin off and IPO its consultancy business, which offers advice, consultancy and managed services to companies, to free it from conflicts of interest that prevent it from winning work with its clients. ‘audit.

A spin-off would bring millions of dollars to thousands of partners if it goes through, but it must first win the support of the company’s global leadership before it goes to a vote in each of the national member companies that make up the EY network.

Di Sibio told the FT this month he hoped to have a decision “within the next two weeks or so” on whether EY’s global leadership intended to conduct country-by-country votes. But others within the company said the deadline for making a decision on whether to sue seemed to be slipping.

EY declined to comment.