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.
