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October 1, 2012

Ernst & Young follows results trend with 7.6% growth

Ernst & Young (E&Y) has reported a global revenue total of $24.4bn for the past financial year, up 7.6% in local currency compared with the previous year’s $22.8bn total.

The world’s third largest accounting network saw growth across all service lines, and reached an all-time maximum staff total with approximately 167,000 employed at the end of the period.

The results come in the wake of fellow Big Four firm Deloitte’s annual report last month, which showed an 8.6% increase in revenues. Both networks posted their best results since 2008.

Like Deloitte, E&Y saw strong growth in emerging markets, where fees were up 15.5% year-on-year, and in advisory services, where the network brought in 16.2% more business.

Assurance revenues for E&Y were up 4.1%, tax revenues 7%, and transactions revenues 9.4%. The third largest firm globally said growth in all areas was organic, with acquisitions accounting for less than one half of a percentage point in overall growth.

Brazil saw organic revenue growth of 17.5%, while India, Africa, China and the CIS region reported revenues up by 19.8%, 10.2%, 11.8% and 15.6%, respectively. 

 “FY12 remained a dynamic and volatile period in the world economy. The ongoing 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, the best since 2008, in the midst of what has been several years of uncertainty,” said E&Y global chairman and chief executive Jim Turley.

 

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