Ernst &Young revenues rise despite crisis

ERNST &amp; YOUNG (E&amp;Y), one of the Big Four accountancy firms, said it left its rivals in the dust in the 2008-9 year in terms of UK revenue growth.<br /><br />The smallest of the Big Four said UK revenues rose to &pound;1.38bn &ndash; a 7.9 per cent gain on the &pound;1.28bn revenues seen in the previous year. This compares to a two per cent fall for Deloitte and one per cent of growth for PricewaterhouseCoopers in the UK over the same period.<br /><br />E&amp;Y UK and Ireland managing partner Scott Halliday thanked the recent integration of the company&rsquo;s UK arm into a new Europe, Middle East, India and Africa division for the strong performance.<br /><br />All but one of E&amp;Y&rsquo;s UKunits grew their revenues over the year with the advisory arm, which does actuarial and performance improvement work, putting in a 16.3 per cent rise to &pound;342m. Much of the division&rsquo;s revenue growth came as recession-battered firms have lined up to use its performance services.<br /><br />Worldwide, E&amp;Y said revenues in the 2008-9 year fell 6.8 per cent to $21bn (&pound;13.1bn), but currency shifts were behind much of this. On a local-currency basis, revenues fell by just 0.2 per cent, E&amp;Yadded.<br /><br />As the firm reported its results yesterday police raided its Hong Kong offices. The raid came as part of an investigation linked to the collapse of local electronics firm Akai nearly a decade ago, E&amp;Y said yesterday. The partnership said it &ldquo;lent police every assistance&rdquo; during the raid.