E&Y worldwide revenues hit $21.1bn
Big Four firm generates double digit growth as focus on emerging markets and M&A activity pays dividends
E&Y’s global head has announced that the firm has brought in combined
revenues of $21.1bn (£10.1bn) .
For the year ending 30 June 2007, this represents a revenue increase of
$2.7bn and a growth rate of 15% (11% in local currency terms) compared with the
previous 12 months.
James S Turley, Ernst & Young’s chairman and CEO, said: ‘Our strong
performance over the last fiscal year reflects the success of our
long-established strategy to develop a truly global approach to our business.
Several years ago, we committed ourselves to a structure for the global
organisation which has brought together all of our 130,000 people, across 140
countries, through seven tightly integrated area practices.’
The firm recorded double digit performance in each of its service lines.
Its Transaction Advisory Services line achieved a 29% revenue increase,
reflecting E&Y’s involvement in some of the largest busines deals during
that period, including significant activity in the emerging markets, and
‘exceptional demand from private equity clients’.
Tax revenue improved by 18%, owing to strong demand for these services,
particularly in the Far East and Americas. The continued steady demand for
assurance and risk-based services, together with the growing call for business
advisory services, helped revenue to grow by more than 16%.
Area breakdowns, in terms of US dollar growth, showed a 10% revenue rise in
the Americas, 22% in Northern Europe, Middle East, India and Africa, 16% in
Central Europe, 17% in Continental Western Europe; 27% in the Far East; 16% in
Oceania, and 21% in Japan.
In places where strategic investments have been made such as China, India and
Russia, growth in excess of 30% has been achieved E&Y said.
Turley added: ‘Our global integration efforts recognise the profound changes
occurring in the broader business environment, including rapid globalisation,
and the rise of the emerging markets. In this context, we are better able to
deliver against our clients’ ever-higher expectations of seamless, consistent,
high-quality client service wherever they operate around the world.’
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