E&Y records 16.2% jump in revenue

& Young
(E&Y) today reported a 16.2% jump in its combined worldwide
revenue, to $US24.5bn (?14bn) for the fiscal year ended 30 June, represented
year-on-year growth of 9.5% in local currency terms.

The firm said the growth was the result of winning new clients and
introducing new services, as well as returns on investment in emerging markets.
The growth was in part offset by audit efficiencies under changes in the US
internal control standard and the economic downturn in many markets.

The strongest performance was across the Asia-Pacific region, where revenues
jumped 34.3%, to $US3.3bn, comprising Japan, where revenue passed the $US1bn
mark – up 42.6%; the far east, up 32.3%, to $US1.3bn; and Oceania, up 29%, to
$US1bn. The firm’s other two areas also recorded growth – EMEIA up 18.4%, to
$US11.4bn and the Americas, up 8.9%, to $US9.8bn.

James Turley, E&Y global chairman and CEO, said the year had been
important year for the firm. ‘We brought together 87 national practices across
Europe, the Middle East, India and Africa, and 15 national practices across
Asia, to create operationally integrated EMEIA and Far East Areas.’

John Ferraro, E&Y global chief operating officer, said emerging markets
such as India, China and Russia represented some of the firm’s best growth
opportunities. The firm was midway through a four-year program to invest $US1bn,
mainly in the emerging markets.

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