EY grows revenues in Germany by 7% to €2.1 billion

Professional services giant EY looks back at a strong year in Germany, growing its revenue by 7.2% to €2.1 billion and solidifying its position as the second-largest of the Big Four in the country.

The accounting and consulting firm booked growth in all four of its divisions, with Transaction Advisory Services (TAS) the top performer in terms of growth. The practice that focuses on corporate finance, mergers & acquisitions and restructuring services saw its fee income jump by 15% to €403 million. 

EY Transaction Advisory Services houses EY-Parthenon, which formed in Germany when EY acquired the German wing of OC&C Strategy Consultants in February 2018. The TAS division is led by Constantin Gall, who since mid-last year also heads the Transaction Advisory Services teams in Austria and Switzerland. 

The consulting unit – EY Advisory – booked 7% growth to €386 million, on the back of a growing German management consulting market and EY’s track record in the landscape. According to EY Germany’s chief executive officer Hubert Barth, EY is reaping the fruits from the depth and breadth of its consulting portfolio. “We have the capabilities to support all phases of a transformation. From developing strategies to redesigning corporate and financial structures, to supporting transactions and streamlining functions such as human resources, risk or IT.” 

Alexander Kron, the leader of EY Advisory, added that evolving EY into a “leading integrated transformation consultancy” is one of the key pillars of the firm’s strategy in Germany, as well as globally. Across its footprint in 100-plus countries, EY generates revenues of $36.4 billion, of which $13.2 is earned through advisory services.

EY's largest service line in Germany, Tax & Legal (led by Henrik Ahlers), increased its revenues by 3% to €707 million, while the Assurance (led by Mathieu Meyer) business increased its revenue by 8% to €617 million. 

Commenting on the results, chief executive officer Barth said, “In the year that we are celebrating our 100th anniversary, we are particularly pleased with the positive development.” 

EY Germany employs some 10,700 accountants, financial and tax advisors, and consultants across 20 offices in the country.