Just the other day we were talking about EY missing its revenue target and many, many people on the payroll getting disappointed by this year’s promotions, raises, and bonuses as a result. We don’t have numbers yet as the firm won’t announce until September but we do have revenue results for EY Australia released today. You ready?
EY Australia reported (unaudited) revenue of $2.81 billion ($1.86 billion USD) in FY24, down from $2.97 billion ($1.97 billion freedom bux) in FY23. For the mathletes counting along at home, that’s a 5.5% hit.
| FY24 (billions in AUD) | % change | |
|---|---|---|
| Revenue | $2.5 | -6.1% |
| Client recoverable expenses | $0.31 | -0.5% |
| Total revenue | $2.81 | -5.5% |
It was, said EY, “a year marked by challenging market in slowing economy.” And also that whole thing with PwC blowing up the consulting business over there because they wanted to double dip but let’s not give that dead horse yet another punch.
Unfortunately we can’t compare service line performance from FY23 to FY24 because the firm reorganized the business. Some parts of the risk business moved from consulting to assurance and parts of people advisory moved to consulting. All EY said in the press release is that the assurance business “saw strong growth” and tax “experienced another solid year.” And provided these numbers:
Revenue for the firm’s Assurance service line reached $0.71b, while Tax delivered $0.61b. Despite Consulting trending downwards, its revenue was $1.04b in FY24. Its Strategy and Transactions service line delivered $0.45b.
On hiring and partner promotions in FY24 EY said:
In the last fiscal year, EY Australia appointed 53 new partners, including 31 promotions to partner and 22 new partners hired. The firm also appointed 20 associate partners (including 12 promotions and 8 hires) and hired 658 graduates. Of newly promoted partners and associated partners, 32 per cent and 50 per cent are women, respectively.
“Notwithstanding the very tough market conditions, and a heightened focus on professional services more broadly, we’re extremely proud of what we’ve accomplished and thank everyone for their contribution,” said EY Regional Managing Partner and CEO Oceania David Larocca.
He also mentioned last year’s scathing culture report that was prompted by an auditor being found dead at the Sydney office in 2022. “A year on from the release of the EB&Co. report, we’ve made strong progress addressing the recommendations we accepted. We will continue to be transparent about how we’re progressing in our annual Value Realised Scorecard,” he said. “We acknowledge, however, that transformative culture change isn’t delivered overnight – nor will it ever be ‘job done.’ It remains a long-term, continuous investment to ensure we build upon a diverse, respectful workplace where our people feel they can belong, perform and thrive.”
Just a few months ago, down under EY’s culture was in the news again. More on that below:
Now we really can’t wait to see those global numbers!
EY Australia announces 2.81 billion in revenue, down 5.5% from previous year [EY]