E&Y turnover leaps 8%

ERNST & YOUNG UK’s turnover has leapt by 8% for the year ended 30 June 2011, pushing total revenues to £1.456bn from £1.356bn.

Assurance led the expansion, growing 10% to £444mm, while income from the Big Four firm’s tax practice climbed £3% to £327m.

Managing partner Steve Varley said the improvement is down to deeper investment, saying: “Once again this year’s growth demonstrates that taking a longer-term view pays off.”

He highlighted the firm’s international reach and focus on helping clients seeking to export to high-growth markets in Asia, Russia and Brazil, saying: “This reflects our position as the most global business in our industry.”

E&Y performed less well in transaction advisory services, shrinking 2% due to a “difficult market”. Average profit per partner rose slightly with 42 new partners joining in the last year, taking the total number in the UK to 527.

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