E&Y reports 11% global growth
Ernst & Young has announced global fee income growth of 11% in US dollars taking worldwide revenues to $14.5bn (£7.9bn) for the year to June 2004.
It represents a 3% fee income rise in local currency taking into account exchange rates.
Three service lines – audit, tax and corporate finance – help boost the Big Four firm’s results increasing revenues by $1.4bn (£0.8bn).
Its audit arm grew by 17% in US dollars with corporate finance not far behind at 14%, while the tax practice achieved just 2% growth.
The firm’s UK results will be released this Thursday.
James S Turley, E&Y chairman and CEO, said: ‘Despite a difficult world economy and the challenges our profession has faced our continued growth over a period of years has enabled us to continue to make investments in our quality-related policies and practices, performance systems, and training.’