PracticeAccounting FirmsE&Y sees six-month revenues climb dramatically

E&Y sees six-month revenues climb dramatically

Big Four firm reports income growth of 21% on back of buoyant assurance market

Ernst & Young has revealed a dramatic 21% growth in its half-year
results.

The firm said fee income for the six months to 31 December 2005 had grown to
£511m, up significantly on the £422m taken for the same period in 2004.

Nick Land, UK Chairman of Ernst & Young said: ‘Our Corporate Tax and
Transaction Advisory practices were well placed to reap the benefits of
increased corporate and private equity activity and have both shown excellent
growth in the period. Tax grew 13% and transaction advisory 21%, respectively.’

Tackling regulation continued to have a major effect on the Big Four firm’s
income, with business assurance growing by 26%. The figures were driven by the
demands of the Sarbanes-Oxley Act, Section 404 and an increased focus among
clients on risk management.

In the six-month period Ernst & Young hired 800 people, including 43 new
partners. The firm’s headcount now stands at 8,250.

These are the last results to be overseen by Nick Land who retires as UK
chairman at the end of June after 11 years. His place is to be taken by Mark
Otty.

‘I believe that my fellow partners have made an excellent choice,’ said Land.
‘Mark will bring outstanding drive and passion to the role and we are already
working closely together to ensure a smooth handover. I have no doubt that I am
leaving Ernst & Young in the hands of an excellent leader.’

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