The profit margin showed a solid result given the global economic impact caused by the Covi-19 pandemic, which triggered an almost overnight shift to virtual working, significantly reducing the level of travel and hotel related expenses on client assignments.

EY also announced a three-year expansion plan and a combined investment spend of $10bn between 2022 and 2024, which supports the EY NextWave strategy launched in 2020. This will focus on investments in audit quality and capability, and fraud detection, as well as moves towards greater sustainability.