Ernst & Young grows revenue to €141m

Revenue growth at accountancy firm Ernst & Young’s Irish business outstripped that of the overall group in its last financial year.

Figures for the 12 months ending on June 28th, the global firm’s financial year, show revenue in its Irish arm grew by nearly 9 per cent to €141.4 million in that period.

The firm grew its global revenue 7.7 per cent over the same period to $25.8 billion (€19 billion).

Its Irish arm said it had increased business in all four of its practise areas: statutory audit was up 4 per cent at €68.8 million; other assurance services were up 17 per cent at €28.7 million; tax advisory posted 13 per cent growth to €29.9 million; and non-audit was up 9 per cent at €13.9 million.

Investment programme
Mike McKerr, managing partner at Ernst & Young Ireland, said the news showed the firm's investment programme was paying dividends.

“Posting almost 9 per cent organic revenue growth at a time when the effects of the recession continue to be felt across many sectors of the economy is a good achievement,” he added.

Mr McKerr said the recent trends had prompted the firm to step up investment in transaction advisory services – advising on takeovers and mergers, etc.

He said that while the number of deals being done remained low in historic terms, recovering confidence was fuelling growth in this area and the trend had continued into the first quarter of the firm’s new financial year.

The head of its financial services division, Eoin MacManus, said growth in this area would continue to accelerate in the next year. At the same time, demand for services in insolvency, restructuring and debt-resolution services remained strong.