Ernst & Young posts revenue increase
Ernst & Young has announced a 7.6% increase in global revenue for the last financial year.
The financial services provider said in London overnight that it made revenue of $US22.9 billion for the year to June 30, 2011, up from $US21.3 billion the year before.
That's on the back of a 5.3% increase in revenue.
Jim Turley, Ernst & Young's global chairman and chief executive, said the company showed growth across all its service lines, with assurance revenues up 5%, tax 6%, advisory 17.5% and transaction advisory services 7.7%.
Growth in all of its service lines was almost entirely organic, Mr Turley said, with acquisitions accounting for less than one half of one percentage point.
The company's work in emerging markets saw it deliver revenue growth of just over 20% in that sector.
“Our success in the emerging markets is largely the result of a strategic investment programme started five years ago,” Mr Turley said.
“Since the inception of this programme, we have invested more than US$1.5 billion in our geographies, the vast majority of which has been earmarked for the emerging markets.”
The result of this has been clearly visible in 2011, Mr Turley said, as Ernst & Young's Brazil operation saw organic revenue growth of 26%, while its India, Africa and China businesses increased revenues by 22%, 19% and 18% respectively. Its operation in the Commonwealth of Independent States, made up former Soviet republics, increased its revenue by 16%.
Ernst & Young was recently ranked as the largest tax consulting practice in the world, and second-biggest provider of other business advisory services.