Partner Article

Ernst & Young announce best results since 2008

Ernst & Young has reported significant growth in international markets and 7.6% rises in global revenues.

The accountancy firm said its business model and strategy held up to “economic turmoil”, and stood “the test of time”.

Revenues worldwide reached $24.4bn (£15.1bn) compared with $22.9bn (£14.17bn) in 2011.

Emerging markets performed well for the company, and results in Brazil were highly successful with 17.5% growth, while divisions in India (19.8%), Africa (10.2%), China (11.8%) and Russia (15.6%) saw revenues increased significantly.

Growth across the group’s service sectors was largely organic, with acquisitions accounting for under 0.5% of business expansion.

Investments around the world ensured the company’s success, as it injected $1.8bn (£1.1bn) into emerging markets over the last six years.

John Ferraro, the company’s Global Chief Operating Officer, commented: “We are committed to maintaining our investment in the emerging markets.

“Every growth orientated company, no matter where they are headquartered, knows their importance.”

Ernst & Young’s strongest performing sectors were in the automotive, life sciences, mining and metals, and oil and gas, which all enjoyed growth in the double digits.

Staffing levels also went up during the financial year by 15,000 people to reach a 167,000 headcount.

The company highlighted that 25% of its partners are women, which has risen by a quarter since 2010.

Global chairman and chief executive, Jim Turley said the financial year ending 30th June had been “dynamic and volatile” worldwide, but said Ernst & Young had produced its best results for six years.

He said: “The ongoing sovereign-debt crisis in Europe, the impending ‘fiscal cliff’ in the US, and signs that the emerging-market economies are slowing all point toward a challenging business climate in the months ahead.

“We will also continue to face regulatory uncertainty in many jurisdictions around the globe. That said, we are pleased that our business showed good results, the best since 2008, in the midst of what has been several years of uncertainty.”

Mr Turley concluded: “Ernst & Young, and our profession’s role in the world’s capital markets, has never been more important.

“Given these uncertain economic times we have to remain focused on working with our clients to deliver the best possible service, wherever they are in the world.”

This was posted in Bdaily's Members' News section by Miranda Dobson .