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October 2, 2011

E&Y grows global revenue 8% to $22.9 billion

Ernst & Young (E&Y) has increased its global revenue by 8% to $22.9bn, continuing a strong showing by global Big Four networks this fiscal year. The result is an improvement on FY2010 results in which E&Y reported 1% growth to $21.6bn.

E&Y’s assurance revenues were up 5.0%, tax increased 6.0%, advisory grew 17.5% and transaction advisory services increased 7.7%.

“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 globalized our organization over the last few years, our investments in emerging markets and the great dedication and commitment of our people,” said E&Y global CEO and chairman Jim Turley.

E&Y’s Brazillian firm was the star performer with organic revenue growth of 26%. This follows the 2010 acquisition of Terco, a former member of Grant Thornton International.

E&Y’s Indian firm was up 22%, China increased 18% and revenues in the Commonwealth of Independent States grew 16%.  

E&Y grew its headcount by 11,000 to 152,000 in fiscal 2011. The network has invested $1.5 billion in emerging economies in the past five years.

This week, PwC reported its annual revenue increased 10% to $29.2bn while last month Deloitte reported an 8% revenue increase to $28.8bn. 

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