Ernst & Young reports fiscal year 2010 global revenues of US$21.3 billion
London, 6 October 2010 – Ernst & Young today announced combined global revenues of US$21.3 billion for the fiscal year ended 30 June 2010, compared with US$21.4 billion in fiscal 2009.
The 2010 fiscal year saw a mixed performance, with decreases in revenue in the first half, offset by a rebound in the third and fourth quarters. Revenues in the second half of the financial year increased by 5.3% in US dollars.
Across Ernst & Young’s four geographic Areas, its newly formed Asia-Pacific Area recorded a 9.0% growth in revenues; the Americas, EMEIA and Japan Areas showed a 3.2%, 0.9% and 0.3% decline respectively. All Areas showed improvement in performance in the second half of 2010.
“We are encouraged by the return to growth across all our practices in the second half of the year. While it is consistent with the global economic recovery, it also reflects the positive results we are seeing from our global integration leadership, our investments in emerging markets and the remarkable dedication and commitment of our people,” said Jim Turley, Global Chairman and CEO of Ernst & Young.
In June 2010 Ernst & Young achieved another significant milestone by completing our Asia Pacific integration as more than 1,200 of our partners voted overwhelmingly to establish a new combined area. Our clients and stakeholders continue to welcome these moves which we see as evidence that we are serving them as they want to be served – by a globally integrated organization and not as a collection of individual national practices.
Ernst & Young expects to support the global economic recovery by increasing its recruitment of new people in FY 2011, including recruiting more than 5,000 in China and India. The 2010 Universum global recruitment survey of nearly 130,000 students, released last week, placed Ernst & Young as number three among all employers worldwide and as the most attractive place for graduates to work in more markets than any of its competitors.
Turley adds, “As we emerge from the worst global downturn in decades, entrepreneurship has never been so important in ensuring the creation of sustainable economic recovery and the creation of employment opportunities. Today’s entrepreneurs are the leading companies of tomorrow and we are constantly building on our leading reputation with entrepreneurial businesses.”
Fiscal 2010 marked the fourth year of Ernst & Young’s previously announced US$1 billion investment initiatives. Underlining the shift in global economic power, much of the new investment has been earmarked for emerging markets and the program exceeded expectations, with more than US$1.2 billion ultimately invested.
“Our commitment to the emerging markets resulted in high single-digit to double-digit growth in fiscal 2010 in many markets, including Africa, China, India and Brazil. Based on the success of our first global investment program, as well as the opportunities we continue to see in the emerging markets, we will continue to invest at comparable levels for the foreseeable future,” said John Ferraro, Global Chief Operating Officer of Ernst & Young.
“The shift in capital flows and demographic changes underway reinforce our commitment to remain the most globally integrated professional services organization while fostering the best people culture in our profession,” concluded Turley. “We are uniquely positioned as the recovery takes shape to provide quality services for our clients wherever they operate worldwide.”
Revenues include expenses billed to clients. Revenues between member firms have been eliminated. Headcount numbers reflect personnel as of 30 June of the fiscal year.
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