David Jetuah, Accountancy Age, Wednesday 6 October 2010 at 06:41:00

E&Y's global revenues drop by 100m dollars, but the firm has madeprogress in getting back to growth


Ernst & Young has announced combined global revenues of $21.3bn(13.4bn), slightly down on the $21.4bn the firm generated in the previous year.

E&Y said its full-year 2010 performance was "mixed" as decreases inrevenue in the first half of the year were offset by a rebound in the third andfourth quarters.

2010 breakdowns showed that there was a decrease in growth across most of thefirm's service lines compared to 2009 but this decrease was not as marked as inprevious years.

E&Y's assurance divisions generated $10.061bn. The tax arms made$5.671bn, while the advisory practices brought in $3.662bn a 2% increase on2009.

Jim Turley, global chairman and CEO of Ernst & Young, said: "We areencouraged by the return to growth across all our practices in the second halfof the year.

"While it is consistent with the global economic recovery, it also reflectsthe positive results we are seeing from our global integration leadership, ourinvestments in emerging markets and the remarkable dedication and commitment ofour people."

Turley also said that the firm would be looking to build on its offering toentrepreneurs as the world emerged from the worst global downturn in decades.

"Entrepreneurship has never been so important in ensuring the creation ofsustainable economic recovery and the creation of employment opportunities,"Turley said.

"Today?s entrepreneurs are the leading companies of tomorrow and we areconstantly building on our leading reputation with entrepreneurial businesses."

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