| Ernst & Young sees global revenues rise by 15% |
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| | Ernst & Young’s
worldwide combined
revenues increased to
$21.1bn for the fiscal
year ending 30 June
2007. The company said
this represents a
year-on-year revenue
increase of $2.7bn and a
growth rate of 15% (11%
in local currency
terms).
"Our strong
performance over the
last fiscal year
reflects the success of
our long-established
strategy to develop a
truly global approach to
our business," said | |
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| | double digit performance
across each of Ernst &
Young's global service
lines of Assurance and
Advisory Business
Services (AABS), Tax,
and Transaction Advisory
Services (TAS), as well
as each of the seven
geographic area
practices.
TAS led the service
line growth, achieving a
29% revenue increase.
This reflects Ernst &
Young's involvement in
some of the largest
deals over the period,
including significant
activity in the emerging | |
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| | markets, and the
exceptional demand from
private equity clients.
Tax revenue improved by
18%, owing to strong
demand for these
services, particularly
in the Far East and
Americas.
The continued steady
demand for assurance and
risk-based services,
together with the
growing call for
business advisory
services, enabled AABS
revenue to grow by more
than 16%.
In the seven areas,
growth has been as | |
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| | follows: 10% in the
Americas; 22% in
Northern Europe, Middle
East, India and Africa;
16% in Central Europe;
17% in Continental
Western Europe; 27% in
the Far East; 16% in
Oceania, and 21% in
Japan.
Notably, in places
where strategic
investments have been
made, such as China,
India and Russia, growth
in excess of 30% has
been achieved.
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| | James S. Turley, Ernst &
Young's chairman and
CEO.
"Several years ago,
we committed ourselves
to a structure for the
global organisation
which has brought
together all of our
130,000 people, across
140 countries, through
seven tightly integrated
area practices."
The company said the
strength of its global
platform has enabled | |
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