PracticeConsultingE&Y global revenues rocket by 14%

E&Y global revenues rocket by 14%

Global revenue at Big Five firm Ernst & Young has risen 14.1% for the financial year ending 30 June, the sixth consecutive year that it has grown by 10% or more.

The firm today announced annual worldwide revenues of $9.2bn (£6.36bn) for 2000, compared to $8.1bn (£5.59bn) for the prior year.

E&Y’s key business lines, auditing and advisory business services grew 10.5%, while legal and tax services climbed 16.1% with E&Y’s corporate finance services recording a substantial increase of 32.2%.

Growth is expected to continue into 2001, following the acquisition of new clients including CGNU in the United Kingdom, Olivetti in Italy, NEC in Japan, and Verizon and Compaq in the United States.

E&Y chairman Philip A Laskawy attributed this year’s success to the separation of it consulting service practice from its core auditing business.

‘Our outstanding success shows that, as we expected, separating audit and tax from consulting services had a positive impact on performance. We are demonstrating strong double-digit growth in our continuing lines of business, consistent with our track record of providing solutions that help clients achieve their business strategies,’ he said.

In May, E&Y made headlines by becoming the first Big Five firm to sell off its consulting arm to French IT group Cap Gemini, following the SEC’s push for greater auditor independence.

E&Y claimed the separation allowed it to focus on its core business namely its assurance, advisory business services, corporate finance, tax and law practices

Links

EC gives all-clear to Cap Gemini purchase of E&Y consulting

SEC turns on firms again

E&Y online

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