In FY2024, all EY service lines reported revenue growth. Credit: Sergio Rojo/Shutterstock.

The Global EY organisation (EY) has reported a global revenue of $51.2bn for the fiscal year ending in June 2024, marking a 3.9% increase in local currency terms.

This growth rate represents a significant slowdown from the previous year’s double-digit expansion. During the fiscal year 2023, the firm reported a 14% revenue growth, with fees reaching $49.4bn, one of the firm’s most successful years.

In FY2024, all EY service lines reported revenue growth. Tax grew by 6.3% in local currency, while Assurance also increased by 6.3% in local currency.

Strategy and Transactions recorded a 2.3% rise in local currency. This growth rate represents a significant slowdown from the previous year’s double-digit expansion.

The Big Four firm experienced steady growth in its tax and assurance practices, while its strategy and transaction business saw a modest increase. However, consulting revenues remained flat amid challenging market conditions.

The firm has also released its integrated annual report, ‘Value Realized,’ detailing financial and non-financial performance, including ESG initiatives and strategic collaborations.

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The firm continues to invest in technology and AI, with its core technology platform, EY Fabric, now serving over two million unique client users across 180 countries. The firm said it continues to invest in technology and AI, with its core technology platform, EY Fabric, now serving over two million unique client users across 180 countries.

EY’s AI efforts include the launch of EY.ai and the deployment of EYQ, a large language model, across its global workforce.

The firm also plans to further embed AI into its operations in FY25, aiming to assist clients in becoming AI-powered businesses.

In addition, the firm has invested $1bn in a technology platform to enhance transparency, and transformation in audits, introducing over 25 new Assurance technology features.

EY’s growth strategy also involves leveraging ecosystem partners, with alliances accounting for 48% of the firm’s overall growth in FY24.

EY global chair and CEO Janet Truncale said: “Over the past year, EY teams have demonstrated extraordinary resilience in a challenging economic climate with growth across all Service Lines. This resilience is driven by sustained investment in EY capabilities through a broad spectrum of services, such as leading AI and tech.

“We are also creating new value for EY people, with an unwavering commitment to continuous learning and diversity, equity and inclusion to prepare our workforce for the future. That is why EY has launched a new strategy called ‘All in,’ which demonstrates that together with EY people, clients and communities we can help shape the future with confidence.”