PracticeAccounting FirmsE&Y global revenues stall at $21.3bn

E&Y global revenues stall at $21.3bn

Ernst & Young's global revenues drop by $100m, but the firm has made progress in getting back to growth

Ernst & Young has announced combined global revenues of $21.3bn
(£13.4bn), slightly down on the $21.4bn the firm generated in the previous year.

E&Y said its full-year 2010 performance was “mixed” as decreases in
revenue in the first half of the year were offset by a rebound in the third and
fourth quarters.

2010 breakdowns showed that there was a decrease in growth across most of the
firm’s service lines compared to 2009 but this decrease was not as marked as in
previous years.

E&Y’s assurance divisions generated $10.061bn. The tax arms made
$5.671bn, while the advisory practices brought in $3.662bn a 2% increase on
2009.

Jim Turley, global chairman and CEO of Ernst & Young, said: “We are
encouraged by the return to growth across all our practices in the second half
of the year.

“While it is consistent with the global economic recovery, it also reflects
the positive results we are seeing from our global integration leadership, our
investments in emerging markets and the remarkable dedication and commitment of
our people.”

Turley also said that the firm would be looking to build on its offering to
entrepreneurs as the world emerged from the worst global downturn in decades.

“Entrepreneurship has never been so important in ensuring the creation of
sustainable economic recovery and the creation of employment opportunities,”
Turley said.

“Today’s entrepreneurs are the leading companies of tomorrow and we are
constantly building on our leading reputation with entrepreneurial businesses.”

Further reading:

Deloitte
nudges out PwC to be world’s largest firm

Connolly
hopes Deloitte will overtake PwC

PwC
takes $26.6bn in global revenues

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