Ernst & Young grows at fastest pace since 2008

 
Marion Dakers
ACCOUNTING and consultancy giant Ernst & Young posted a 7.7 per cent rise in global revenues yesterday to $25.8bn (£16bn), as it picked up more work in fraud investigations, advisory services and fast-growing countries.

The firm said the pace of growth was at its fastest since 2008, with organic expansion across all of its businesses.

The company aims to hire 55,000 new staff and interns over the coming year, 5,000 more than in the 2013 financial year.

“Looking forward, there remain significant economic and geopolitical uncertainties in developed and fast-growth emerging markets. Despite these short term uncertainties, we continue to invest for the long term,” said Mark Weinberger, EY’s global chairman.

Overall audit revenues were up 2.4 per cent, helping take the assurance business to a four per cent rise in turnover to $10.9bn.

Fraud and accounting advisory work grew by 23 per cent and 30 per cent respectively. EY’s tax business brought in $6.9bn in revenues, up seven per cent on a year ago.

Transaction advisory grew just three per cent, though the firm noted that this represents a fourth straight year of growth during a subdued period for corporate buyouts.

By region, revenues generated in the Americas were up 10.4 per cent, with business in Brazil growing 24 per cent.

In Europe, the Middle East, India and Africa, revenues were up seven per cent, helped by double-digit growth in Turkey, India and Africa.

Detailed results for EY’s British business are expected to be announced tomorrow.