September 17 ,2015 | by Hari Sri

Ernst & Young registers best growth for seven years

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Ernst & Young (E&Y) has released figures that reveal the best growth for the company since 2008.

With a strong performance across the width of its business and on a global scale, the UK's Big 4 accountancy giant saw revenues grow by 11.6% to a total of £18.6bn.

Multi sector success

A number of sectors across the company reported strong performances, covering life sciences, insurance, wealth & asset management and banking & capital markets.

The growth covered all geographies and service lines across the firm's international operations. The US, UK, Germany, Australia and Italy were the top performers, but newer markets such as India, the Middle East and North Africa, Mexico and Central America grew by 19.7%, 14.7% and 17.3% respectively.

Strong gains

E&Y's global chairman and CEO Mark Weinberger commented: "This year we realised strong gains across both developed and emerging markets, despite volatile conditions in many individual markets and a slowing global economy."

Weinberger also said the firm was "confident" when it came to the long-term potential in emerging economies and projected that they will make up 30% of company revenue by 2020.

Employees

The total number of E&Y stands at 212,000 worldwide, which is the highest ever and an increase of 23,000 on last year. There were 753 promotions to partner, and a further 618 people were hired at partner level.

Corporate finance work increased, transaction advisory services grew by 15.5%, tax work saw double-digit growth at 10.3% and advisory services grew 17.6% for the year ending 30th June 2015, an increase from 14.4% the previous year.

Hari Sri

Hari is the LSBF Blog's News Editor. He manages the editorial content on the blog and writes about current affairs, SME, entrepreneurship, energy, education and emerging market news.

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