Ernst & Young records $22.9b global revenue in 2011 fiscal year

UK-based accounting firm Ernst &Young (E&Y) has recorded revenue of $22.9 billion across its global operations for the 2011 financial year ended June 30, 2011, the company announced October 3, 2011.

It said the revenue increase 7.5% compared with $21.3 billion in 2010. In local currency, revenues grew 5.3%, added E&Y.

According to the company, it recorded good growth across all service lines – emerging markets saw combined revenue growth of 20% – headcount at an all time high of 152,000.

“All of our service lines showed growth, reflecting our focus, and a better economic environment and renewed activity in the capital markets in the past year – Assurance revenues were up 5.0%, Tax 6.0%, Advisory 17.5% and Transaction Advisory Services 7.7%,” said E&Y in a statement.

It adds “As a result of the improvement in our business, we’ve grown our headcount to 152,000, an increase of nearly 11,000 people in fiscal 2011.”

The results of this have been clearly visible in 2011 as Brazil saw organic revenue growth of 26%, while India, Africa, China and the CIS increased revenues 22%, 19%, 18% and 16%, respectively.

“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 Jim Turley, Global Chairman and CEO of Ernst & Young.

The company also operates in Ghana.

By Ekow Quandzie