EY has reported accelerated global revenue growth for the year ending June 30, outpacing its closest Big Four competitor, Deloitte, as it expands its managed services and deal advisory businesses. The professional services firm’s revenue rose 4.7 percent to $57 billion, compared with a 4 percent increase the previous year and Deloitte’s latest reported growth of 3.8 percent, excluding currency fluctuations. PwC and KPMG have yet to disclose their annual results for the period.

Raj Sharma, EY’s global managing partner for growth and innovation, attributed the firm’s performance to a strategic reorganisation focusing on managed services—outsourcing back-office, tax, finance, and IT functions for clients globally. Although the firm’s overall headcount increased by just 2 percent, following job reductions in the Americas, the number of employees at EY’s global service centres rose 12 percent. These centres are responsible for building technologies used across EY’s operations.

While Deloitte remains the leader in outsourced services among the Big Four, EY reported that its managed services segment grew by 13 percent over the past year, reaching approximately $7 billion in revenue. The majority of these services were delivered to tax clients, although the consulting arm also saw a 20 percent increase in managed services, including IT offerings such as cybersecurity.

EY’s strategy and deal advisory unit, EY Parthenon, was the fastest-growing division, with revenues increasing 7.4 percent in constant currency to $6.8 billion. In contrast, the audit business, EY’s largest segment, grew more modestly by 5 percent to $18.9 billion. Tax services expanded by 6 percent, generating $13.8 billion in revenue.

The firm highlighted its consulting business’s role in helping clients adopt artificial intelligence technologies, which contributed to a 4.4 percent revenue increase to $17.4 billion. Although this growth was slower than the previous year, EY’s consulting segment decelerated less sharply than Deloitte’s comparable business.

Operating as a network of locally owned private partnerships, the Big Four firms do not release consolidated profit figures. However, Sharma reported that EY achieved improved profitability across its member firms during the fiscal year ending in June, reflecting broad-based financial performance gains.