E&Y global revenues climb 7.6%

ERNST & YOUNG’S global revenues have grown 7.6% to $22.9bn (£14.9bn) in the year ending 30 June 2011, up from $21.3bn in 2010.

Advisory services led the charge, up17.5%, while tax revenues rose 6% and assurance income climbed by 5%.

Global CEO and chairman Jim Turley (pictured) said: “We have had a very strong year in each of our four geographic areas. We continue to see very positive reactions to the way we have globalised our organisation over the last few years, our investments in emerging markets and the great dedication and commitment of our people.”

Developing markets have been particularly lucrative for the Big Four firm, with organic revenue growth of 26% in Brazil, 22% in India and 18% in China.

Almost 11,000 new members of staff joined in the last year, taking the headcount to 152,000, the largest it has ever been.

Underlining investment as a key factor in the firm’s recent expansion, Turley concluded: “Given these uncertain economic times it is more important than ever we continue to remain focused on the important role that we play in the world’s capital markets, in our profession, with our clients and with our people.”

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