Ernst & Young’s (E&Y) global revenue has fallen by half a percent to $21.3 billion in the year to 30 June 2010.
Although Deloitte and PwC recently reported marginal revenue growth, E&Y’s results are still solid given the poor state of the global economy and the huge reduction in transactions-related work and IPOs in the past 18 months.
E&Y’s audit revenue decreased 0.8% to $10 billion, tax revenue fell 2.6% to $5.6 billion while advisory revenue grew 2% to $3.6 billion.
E&Y’s newly created Asia-Pacific region performed best with 9% growth to $2.1billion, while E&Y’s EMEIA and Japan firms suffered revenue contractions of less that 1%.
E&Y’s Americas region had the largest revenue decline of 3.2% to $1.2 billion.
E&Y global chairman and chief executive Jim Turley said the firm is encouraged by revenue growth of 5.3% 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 said.
E&Y’s global workforce decreased by 3,500 staff to 140,964 but the firm plans to recruit more than 5,000 people in China and India during the current fiscal year.