Ernst & Young today announces that worldwide revenues increased to
US$18.4 billion for the fiscal year ending 30 June 2006. This
represents a year-on-year revenue increase of US$1.5 billion and a
growth rate of 10% in local currency terms.
The figures represent the performance across Ernst & Young's three
service lines - Assurance and Advisory Business Services (AABS), Tax,
and Transaction Advisory Services (TAS).
"This was another year of strong growth for Ernst & Young, growth
that demonstrates the commitment of our 114,000 people to providing
seamless, consistent, high-quality client service, worldwide," said
James S. Turley, Ernst & Young's Chairman and CEO.
TAS led the service lines, posting 16% growth, reflecting the
increased level of corporate deals worldwide. AABS revenue grew by 11%
owing to continuing strong demand for assurance and risk-based
services. Tax revenue improved by 6% against a background of
continuing regulatory and legislative reform.
"Ernst & Young's global operating framework, based around driving
consistent implementation of our global governance methodologies,
policies and procedures through our geographic Areas has enabled us to
achieve good growth: 9% in the Americas; 19% in Northern Europe,
Middle East, India and Africa; 6% in Central Europe; 7% in Continental
Western Europe; and 14% in the Far East, Oceania and Japan. While our
'mature' markets continued to perform well, we achieved stellar
growth, of between 25% and 55%, in the emerging-market economies in
which we have made strategic investments," explained Paul Ostling,
Ernst & Young's Global Chief Operating Officer.
"Our people understand the important role they play in maintaining
investor confidence and a stable business environment. It is their
commitment to this core purpose that drives the continuing success and
sustainability of our global organization, and enables us to continue
investing in the people, companies and communities of tomorrow,"
concluded Jim Turley.
About Ernst & Young
Ernst & Young, a global leader in professional services, is
committed to restoring the public's trust in professional services
firms and in the quality of financial reporting. Its 114,000 people in
140 countries pursue the highest levels of integrity, quality, and
professionalism in providing a range of sophisticated services
centered on our core competencies of auditing, accounting, tax, and
transactions. Further information about Ernst & Young and its approach
to a variety of business issues can be found at
www.ey.com/perspectives. Ernst & Young refers to all the members of
the global Ernst & Young organization.
This press release has been issued by EYGM Limited, a member of
the global Ernst & Young organization
