E&Y global revenues grow nearly 8%
Ernst & Young announces its best revenues since 2008
ERNST & YOUNG’S global revenues grew 7.6% over the last year, its best performance since 2008.
Revenues for the financial year ended 30 June hit $24.4bn (£15.1bn), while all service lines grew. Assurance grew 4.1%, tax 7%, transactions 9.4% and advisory showed the biggest rise with 16.2%.
Emerging markets were significant in the growth, with Brazil seeing revenue growth of 17.5%, while India, Africa, China and CIS increased revenues 19.8%, 10.2%, 11.8% and 15.6%, respectively.
Headcount grew to 167,000, up 15,000, while the global proportion of female partners hit 25%, up from 23% in 2011 and 20% in 2010.
Despite the positive results, global chairman and CEO Jim Turley described the year as a “dynamic and volatile period for the world economy”.
He said: “The on-going sovereign-debt crisis in Europe, the impending ‘fiscal cliff’ in the US, and signs that the emerging-market economies are slowing all point toward a challenging business climate in the months ahead.
“We will also continue to face regulatory uncertainty in many jurisdictions around the globe. That said, we are pleased that our business showed good results, in the midst of what has been several years of uncertainty.”