18 August 2020
Release date 6 August 2020
EY Australia announced $2.13 billion revenue, up 12.7 per cent, for the 12 months to June 30.
Strong momentum as COVID-19 hit, the resilience of the business and the outstanding contribution and adaptability of its people has helped the firm weather the economic downturn and ongoing uncertainty of COVID-19. EY CEO and Regional Managing Partner Oceania, Tony Johnson commented:
“Our firm’s resilience during FY20 is the result of a combination of factors that have been integral to our strategy for some time and have stood us in good stead during these difficult times. These include our incredibly strong Assurance business, strong and trusted relationships with our clients, our investment in broadening the capability of our consulting businesses and our investment in technology across our entire business. All enabled by the expertise, effort and flexibility of our people.”
The firm, has demonstrated its ability to mobilise quickly around a crisis, be decisive and adapt very quickly to respond, often ahead of the external changes and impacts. A focus on clients, having everyone focused on winning and delivering work, and highly effective agile teaming across the business has been key to delivering these results. Above all else, an unwavering focus on people throughout this period has been the beacon in the firm’s approach. Our values underpin our culture and have united the firm’s people during this adversity. Despite difficult decisions, the firm has focused on supporting its people’s mental and physical wellbeing, investing significantly in innovative and engaging ways to connect and support its people.
The firm’s performance through the year and its resilience through COVID-19 has also been made possible by the response and support of its Core Business Services. These functions demonstrated agility and innovation, quickly pivoting services and collaborating across the business to deliver real efficiencies and benefits for the firm. The Technology services of the firm enabled the early and smooth transition to remote working for its 8,300 people. The firm made three strategically significant acquisitions during the year – Aleron to bolster the firm’s technology capability, Cadence Economics to expand their economics capability critical to the firm’s work in infrastructure and support the perspectives of their Chief Economist Jo Masters, and Port Jackson Partners, an ambitious move to build a world class strategy business. Revenue also benefitted from a full year of activity from the prior year acquisitions of social impact business Karrikins and technology businesses Adelphi Digital and Plaut. The Financial Services business continued to perform strongly in FY20, with growth of more than 20 per cent from advising clients on complex transactions, actuarial, financial crime, cyber and assurance programs.
