EY Reports Record FY Revenue as Vote on Planned Break-Up Looms

By Scott Kanowsky 

Investing.com -- EY posted record global revenue in its 2022 fiscal year thanks in part to stellar performance at its key consulting division, as the Big Four accounting firm looks ahead to a crucial vote on a potential split of the business.

In a statement, EY said group-wide sales for the 12-month period to the end of June rose by 13.7% to a high of $45.4B.

The company was given a boost by its consultancy business, which grew by 24.5% to $13.9B. Its strategy and transactions unit also expanded by 22.8% to $5.9B.

Meanwhile, its assurance and tax divisions increased by 6.0% and 7.9%, respectively.

"We have tremendous momentum right now, and growth means opportunity – for EY people, clients and broader stakeholders,” said EY Global chairman and chief executive Carmine Di Sibio.

The results come as EY's 13,000 partners are set to decide on a planned break-up of its advisory and audit units. Under the current plans, the audit division would retain its place inside the larger group. Meanwhile, the advisory division would be spun off, with EY reportedly keen to list the business in late 2023.

Partners from countries around the world will vote on the split starting in November and through to early next year.