Global accountancy and consultancy firm EY is UK’s third most valuable brand according to new research, worth more than the likes of BBC, HSBC, Land Rover and Vodafone.
Every year, Brand Finance conducts research into the brand value of the UK’s largest companies. The US-headquartered research firm compiles brand value by looking at a range of factors including company revenues and profitability, brand strength, impact in industry, and brand equity and reputation.
According to the firm’s modelling, Shell is once again the UK’s most valuable brand, and the world’s most valuable oil & gas brand, with a brand value of £32.4 billion. Despite a 12% brand value decline, Shell continues to lead the list comfortably, with a brand value nearly double that of second-placed BP (down 9% to £16.4 billion).
Notably, professional services industry member EY ranks third, with a brand value of £20 billion, ahead of Vodafone, HSBC, Tesco, Barclays and Sky – heavyweights that all have significantly more people on their payroll than the accounting and consulting firm. In the UK, EY generates revenues of approximately £2.6 billion.
In Brand Finance’s methodology, EY punches above its weight for a number of reasons. First, the firm builds on a strong global brand and presence – EY currently has more than 284,000 people in 150+ countries, helping more clients, in more places, than ever before. Second, the firm’s employees are involved in industry leading work, working with many of country’s top brands on running the business and transformation.
EY’s accountant and auditors help government agencies, listed companies and other enterprises with their financials, while the firm’s tax advisors help clients with national and international taxation. Meanwhile, the firm’s consultants help business leaders with developing and digitising their strategies, business models and operations, and bringing these to life. The firm’s dealmakers advise executives, business owners and private equity on mergers & acquisitions.
This and many more lines of work means that on a daily basis EY’s 17,000 people in the UK play a leading role in business and society, which in turn greatly benefits how the brand is perceived.
Parul Soni, Associate at Brand Finance said on EY’s performance: “Despite a turbulent year, EY has emerged resilient. Its diversified service offering has allowed it to continue to support its clients and employees during uncertain times and the brand has seen positive financial growth.”
Third, the research noted EY’s distinct focus on “creating long-term value creation for stakeholders”, which the firm has clearly demonstrated over the past years and during the pandemic, allowing EY to “remain a preferred brand among clients.”
At the end of 2019, the professional services firm launched EY Ripples – its commitment and programme to positively impact one billion lives by 2030 – through mobilising its network to unite in working towards the UN Sustainable Development Goals. “EY has committed to becoming the distinctive global professional services brand, showcased through its actions and voice in the market,” concluded Soni.
Sourced from Consultancy.uk