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com/GL/en/Newsroom/News-releases/News_EY-reports-2012-global-revenues-of-US-24-4-billion-dollars
Ernst & Young today announced combined global revenues of US$24.4 billion for the
financial year ended 30 June 2012, compared with US$22.9 billion in 2011. Revenues
grew 7.6% in local currency (US$ 6.7%).
Good growth across all service lines
Our business model and strategy continue to weather the economic turmoil and withstand the
test of time. All of our service lines showed growth. Assurance revenues were up 4.1%, Tax 7.0%,
Transactions 9.4% and Advisory 16.2%, a good performance given the current business climate.
Growth in all of our service lines was almost entirely organic, with acquisitions accounting for
less than one half of one percentage point.
“FY12 remained a dynamic and volatile period in the world economy. The ongoing sovereign-debt
crisis in Europe, the impending ‘fiscal cliff’ in the US, and signs that the emerging-market
economies are slowing all point toward a challenging business climate in the months ahead. We
will also continue to face regulatory uncertainty in many jurisdictions around the globe. That said,
we are pleased that our business showed good results, the best since 2008, in the midst of what
has been several years of uncertainty,” said Jim Turley, Global Chairman and CEO of Ernst &
Young.
Our strongest performing sectors, all with double digit growth, were: Automotive, Life Sciences,
Mining & Metals and Oil & Gas.
As a result of the improvement in our business, we’ve grown our headcount to 167,000, an
increase of more than 15,000 people in fiscal 2012. And, while we still have much to do in terms of
diversity and inclusiveness, we are making steady improvement. Globally 25% of our new partners
this year are women, up from 23% last year and 20% in 2010.
Our success in the emerging markets is largely the result of a strategic investment program
started six years ago. Since the inception of this program, we have invested more than US$1.8
billion in our geographies, the majority of which has been earmarked for the emerging markets.
“We are committed to maintaining our investment in the emerging markets,” said John Ferraro,
Global Chief Operating Officer of Ernst & Young. “Every growth orientated company, no matter
where they are headquartered, knows their importance.”
The results of this have been clearly visible in 2012, as Brazil saw organic revenue growth of
17.5%, while India, Africa, China and the CIS increased revenues 19.8%, 10.2%, 11.8% and 15.6%,
respectively.
“Ernst & Young, and our profession’s role in the world’s capital markets, has never been more
important. Given these uncertain economic times we have to remain focused on working with our
clients to deliver the best possible service, wherever they are in the world,” concluded Turley.
-Ends-
Notes to editors
As previously announced these are the last set of results that Jim Turley will comment on as he retires
in June 2013 to be replaced by Mark Weinberger. Jim, who has led Ernst & Young since 2001, has
championed the organization’s successful efforts to lead the profession in globalization and investment
in new and emerging markets. Under Jim’s leadership, the organization has grown from US$10b in
annual global revenues to US$24.4b, has doubled its headcount and has established itself as the most
globally integrated organization in our profession in mindset, actions and structure. Jim has
championed a strong people culture, which is underscored by its drive for increased diversity and
inclusiveness that has been recognized by many external awards.
Ernst & Young is a global leader in assurance, tax, transactions and advisory services. Worldwide, our
167,000 people are united by our shared values and an unwavering commitment to quality. We make a
difference by helping our people, our clients and our wider communities achieve their potential.
Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each
of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee,
does not provide services to clients. This news release has been issued by EYGM Limited, a member of
the global Ernst & Young organization that also does not provide any services to clients.
Selected information
Revenues include expenses billed to clients. Revenues between member firms have been eliminated.
Headcount numbers reflect personnel as of 30 June of the fiscal year.
http://www.ey.com/GL/en/Newsroom/News-releases/Ernst-and-Young-reports-2011-global-revenues-of-US-dollar-22-
9-billion
Ernst & Young reports 2011 global revenues of US$22.9 billion
Good growth across all service lines
Emerging markets saw combined revenue growth of 20%
Headcount at an all time high of 152,000
London, 3 October 2011 – Ernst & Young today announced combined global revenues of US$22.9 billion for the financial year
ended 30 June 2011, compared with US$21.3 billion in 2010, a 7.6% increase. In local currency, revenues grew 5.3%.
“We have had a very strong year in each of our four geographic areas. We continue to see very positive reactions to the way we
have globalized our organization over the last few years, our investments in emerging markets and the great dedication and
commitment of our people,” said Jim Turley, Global Chairman and CEO of Ernst & Young.
All of our service lines showed growth, reflecting our focus, and a better economic environment and renewed activity in the
capital markets in the past year. Assurance revenues were up 5.0%, Tax 6.0%, Advisory 17.5% and Transaction Advisory
Services 7.7%.
We continue to win more than our fair share of new audit mandates, including some of the largest global organizations, such as
Assicurazioni Generali, Enel, Fiat, PSA Peugeot Citroën, and Jabil Circuit. We are the fastest growing tax practice for the past
five years and leading analysts Kennedy recently ranked Ernst & Young number two for business advisory services (note 1).
Growth in all of our service lines was almost entirely organic, with acquisitions accounting for less than one half of one
percentage point.
As a result of the improvement in our business, we’ve grown our headcount to 152,000 an increase of nearly 11,000 people in
fiscal 2011.
Turley adds, “In today’s increasingly complex and diverse world, we are focused on building lifelong relationships with our
people. This ensures we have outstanding talent to provide our clients the best service wherever they do business.”
Our success in the emerging markets is largely the result of a strategic investment program started five years ago. Since the
inception of this program, we have invested more than US$1.5 billion in our geographies the vast majority of which has been
earmarked for the emerging markets.
The results of this have been clearly visible in 2011 as Brazil saw organic revenue growth of 26%, while India, Africa, China and
the CIS increased revenues 22%, 19%, 18% and 16%, respectively.
“As we continue to serve our clients and stakeholders in the emerging markets, we will maintain this investment at comparable
levels for the foreseeable future,” said John Ferraro, Global Chief Operating Officer of Ernst & Young.
“Given these uncertain economic times it is more important than ever we continue to remain focused on the important role that
we play in the world’s capital markets, in our profession, with our clients and with our people,” concluded Turley.
-ends-
Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate
legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. This news
release has been issued by EYGM Limited, a member of the global Ernst & Young organization that also does not provide any
services to clients.
Selected information
Revenues include expenses billed to clients. Revenues between member firms have been eliminated. Headcount numbers
reflect personnel as of 30 June of the fiscal year.
Deloitte continues as an engine of employment creation and announces record revenues
of US$28.8 billion in Fiscal Year 2011 http://www.deloitte.com/view/en_GX/global/press/global-press-releases-en/96616a3cfdc82310VgnVCM1000001a56f00aRCRD.htm
Global workforce reached 182,000 and is expected to grow more than 35 percent to250,000 by FY2015
Aggregate member firm revenues grew 8.4 percent in U.S. dollars, marking Deloitte’s highest revenue growth in the last three
years
Growth experienced in all three major geographic regions and across all four major business lines
New York, 22 September 2011 – Deloitte Touche Tohmatsu Limited today announced aggregate member firm revenues of US$28.8
billion for the fiscal year ended 31 May 2011, marking the highest revenue ever recorded by the global member firm network.
Aggregate revenues grew 8.4 percent in U.S. dollars and 7.7 percent in local currency—the strongest revenue increase since 2008.
Compound aggregate growth for FY2005-2011 was 8.0 percent. Deloitte member firms (Deloitte) experienced growth across all three
major geographic regions, led by exceptional results generated in Asia Pacific and the Americas from a number of developing markets,
and across all functions and industry sectors.
“These results underscore the strength and resilience of Deloitte’s diversified portfolio of businesses and a relentless commitment to
quality and to member firm clients who have driven this growth,” said Deloitte Touche Tohmatsu Limited Global CEO Barry Salzberg.
“Deloitte’s multidisciplinary service model and depth and breadth of capabilities provide Deloitte professionals with a unique opportunity
to deliver enhanced audits, along with innovative solutions that meet clients’ complex business needs and help them grow their
businesses.”
“Deloitte’s talent growth reflects a commitment to creating sustainable careers and providing long-lasting growth opportunities for high-
performing talent in a global economy that is increasingly in need of skilled labor,” commented Salzberg. “This is why US$300
million has been invested in Deloitte University, a dynamic new learning and leadership development facility near Dallas, Texas, in the
United States that will help Deloitte professionals remain at the forefront of evolving trends in the profession and develop essential
leadership skills for the 21st century.”
A commitment to quality
Deloitte regards world-class quality as the foundation of its businesses and continuously focuses on delivering the standard of
excellence. Of singular importance is Deloitte’s commitment to the public interest in its audit services. The network has invested a
substantial amount of financial and human capital in developing Deloitte Audit, a transformation to its audit approach that brings the
world-class methodology, technology, and talent needed to help member firm clients and people respond to the realities of today’s
changing business and regulatory environments.
The growth in consulting revenues was achieved during a very challenging set of market conditions. Growth was largely driven by
Deloitte’s ability to help member firm clients implement the advice it provides. For example, combining a wide range of skills to provide
unique solutions in the marketplace, such as the integration of regulatory knowledge with strategy, technology, and human capital skills,
has created a favorable market position for Deloitte in financial services and areas such as post-merger integration.
Salzberg added, “Overall, Deloitte’s strong revenue growth is a direct result of member firms’ unrelenting focus on strategic priorities
and excellence in client service, the foundation and hallmark of Deloitte’s As One strategy. More than US$1 billion has been dedicated
to strategic investments, which serves as a testament to Deloitte’s commitment to clients, people, and business.”
In addition to the areas listed above, in the new fiscal year Deloitte will place increased emphasis on innovation and integrated market
offerings that bring Deloitte’s unique breadth of multidisciplinary capability to the marketplace on a world-class scale.
“Deloitte is changing the industry through the bundling of professional services as part of its core strategy for non-audit member firm
clients and to align with the future needs of a diverse client base,” said Manoj Singh, Chief Operating Officer, Deloitte Touche
Tohmatsu Limited. “As several market shifts continue to reshape the business landscape, Deloitte is poised to take advantage of the
resulting opportunities with a depth and scale of capabilities that are unmatched by its competitors.”
Learn more about Deloitte's FY2011 accomplishments in the Deloitte 2011 Annual Review.
Deloitte fiscal year 2011 regional and function revenue breakdown (aggregate)
Region $ billions USD growth Local growth % of revenue
New York, 19 September 2012 – Deloitte Touche Tohmatsu Limited (DTTL) today announced aggregate member firm revenues
of US$31.3 billion for the fiscal year ending 31 May 2012, marking the network’s highest revenue ever. Aggregate revenues grew 8.6
percent in U.S. dollars and 8.3 percent in local currency—the strongest revenue increase since 2008. Deloitte member firms
experienced growth across all three major geographic regions, led by exceptional results generated in Asia Pacific, the Americas, and a
number of developing markets, as well as across all business lines and industry sectors.
“Complexity, disruption, and speed of change are the new reality for our member firm clients, and for Deloitte’s own business,” said
DTTL Global CEO Barry Salzberg. “Deloitte’s success this past year is the result of adapting business strategies to anticipate client
needs and address the changing requirements of a dynamic market.”
In addition to the continued focus on hiring, and to support strategies to be recognized as one of the top organizations in the world for
developing world-class leaders, Deloitte is investing heavily in leadership development globally. This commitment can be seen in
Deloitte University, a US$300 million learning and development facility located outside of Dallas, Texas, where Deloitte professionals
come together to connect, share ideas, and identify and capitalize on new and innovative solutions to the most critical and complex
issues facing global business today. More than 40,000 professionals from 70 countries attended Deloitte University over the last year.
“Deloitte has always been highly effective at attracting and retaining the world’s best talent,” commented Roger Dassen, Global
Managing Director, Clients, Services and Talent, DTTL. “Given continued market uncertainty, increased regulation, and a competitive
job market, it is of utmost importance that Deloitte stay ahead of the curve and develop its professionals so they are well equipped to
serve clients.”
Deloitte UK was integral in delivering the momentous London 2012 Olympic and Paralympic Games. Eight hundred Deloitte UK
professionals contributed 750,000 hours of expertise to help stage the Games, ranging from establishing a procurement function that
oversaw the purchase of more than £700 million (approximately US$1.1 billion) in goods and services, to creating the program to test
operational readiness of the world’s largest-ever peacetime event. Deloitte’s London 2012 client story is a true showcase for the
combined talents and experience that Deloitte delivers to any business challenge.
In FY2012, Deloitte saw growth across all business lines and industries, with financial advisory and consulting experiencing 15
percent and 13.5 percent revenue growth, respectively.
Breakdown of business line and industry growth (aggregate across member firms, in USD):
Financial Advisory led the portfolio in terms of growth, at 15 percent. This was propelled by several significant cross-border,
cross-functional client engagements, and through acquisitions that broadened capabilities in priority markets.
Consulting revenue grew by 13.5 percent. This growth was fueled by helping clients with their most complex challenges, including
responding to changes in the market, industry, and regulatory landscape, as well as supporting expansion into new and emerging
markets. Demand for services in Business Intelligence, Enterprise Applications, Finance Transformation, M&A, and HR
Transformation were dominant growth drivers.
Audit and Enterprise Risk Services (ERS) revenue grew by 6 percent. Audit grew most rapidly in the priority markets, especially
in the Asia Pacific region, where Deloitte is well positioned to serve the fastest-growing sectors. ERS drove growth—double-digit
growth in every region and industry—fueled by factors including heightened regulatory pressure, positive analyst ratings, and
increased awareness of the importance of optimized risk management practices.
Tax and Legal revenue grew by 4 percent. Growth was driven by the continued implementation of enhanced service delivery
models in both Compliance & Reporting and Advisory services, as well as by the introduction of new service offerings, especially in
priority markets, to help clients manage the complex, fast-changing economic and tax environment. An uptick in cross-border
consultative services and strong growth in the Asia Pacific region also propelled growth.
Industry: The fastest growing industry was Energy & Resources, with revenue growth of24 percent. Life Sciences & Health Care
grew by 13 percent, Consumer Business and Transportation by 11 percent, and Financial Services by 10 percent. Financial
Services generated more than one-fourth of the total industry revenue.
The growth across industry and business lines was achieved despite challenging market conditions around the world, particularly in
Europe. Growth was largely driven by Deloitte’s ability to provide a consistent suite of tools across member firms, a cornerstone of its
global strategy.
“In a challenging economic environment, US$1.4 billion of Deloitte’s US$2.5 billion aggregate growth in the past year came from
member firms in the three largest economies in the world,” said Salzberg. “I believe that is a testament to Deloitte’s ability to not only
gain strength in high-growth strategic markets, but also continue to build momentum in established markets globally.”
“To create value and growth, Deloitte combines a great foundational strength together with client insight and customization,” said
Salzberg. “Innovation and opportunity will define the year ahead, for both Deloitte and member firm clients.”
Additional facts
In FY 2012, PwC firms provided services for 422 of the companies in the Fortune Global 500 and 439 of the companies in the FT
Global 500
At 30 June 2012, 2,584 PwC people were on long-term international assignments, an increase of 14% from FY 2011
PwC was named a leader in business consulting services in the worldwide, Americas, and Europe, Middle East and Africa markets,
according to the 2012 IDC MarketScape reports
PwC ranked #5 on DiversityInc’s 2012 Top Companies for Global Diversity list
The International Gay & Lesbian Chamber of Commerce (IGLCC) ranked PwC among the most gay and lesbian friendly employers
in the world in 2011
PwC Australia received a citation for being a 2012 Employer of Choice for Women
For the 11th year in a row, PwC Brazil was named The Most Admired Audit Company by Carta Capital/ TNS InterScience
PwC China was ranked #1 in the Chinese Institute of Certified Public Accountants (CICPA) Top China Accounting Firms 2011 for
the ninth consecutive year
PwC Korea was honoured by the President of Korea with the 2011 Best Job-Creation Award to Top 100 Enterprises
For a record ninth year running, PwC UK was placed #1in The Times Top 100 Graduate Employers for 2012
PwC UK placed #5 in the Sunday Times Best Big Companies to Work For in the UK – up from 11th in 2011and the highest of any
of the Big Four
PwC US ranked #1 on DiversityInc’s 2012 Top Companies for Diversity list
PwC US made the Fortune 100 Best Places to Work at #48, up 25 places from 2011, and #11 among big employers
Universum ranked PwC #7 of the World’s Most Attractive Employers by business students in 2012.
KPMG has announced member firm combined revenues totaling $22.7 billion for the fiscal year ending September 30, 2011, a 10.1
percent increase in U.S. dollars, or 6.2 percent in local currency terms.
The strong performance spanned all geographic regions and resulted from a strategic commitment across KPMG member firms to
invest in priority high growth markets; to focus on key industries such as financial services, healthcare, government, infrastructure, and
energy; and to expand our capabilities in high-demand service offerings including Management Consulting and Tax services.
“To achieve double-digit growth in such a tough environment shows that we have the right strategy,” said Michael J. Andrew, Chairman
of KPMG International. “We achieved this by focusing on fundamentals and organic growth and making common investments in our
strategic priorities.”
KPMG recorded strong growth across all functions. Audit revenues rebounded to grow 5.8 percent in U.S. dollars, or 1.8 percent in
local currency terms, to US$10.48 billion against strong competition in the marketplace and a difficult business environment. Tax
revenues grew 13 percent in U.S. dollars, or 8.5 percent in local currency terms, to US$4.69 billion. Advisory revenues rose 14.8
percent in U.S. dollars, and 11.2 percent in local currency terms, to $7.54 billion.
Revenues grew across all KPMG’s geographic regions, with gains in U.S. dollars of 16.6 percent in Asia Pacific, 10.7 percent in the
Americas, and 7.7 percent in Europe, the Middle East, Africa, and India. Much of the growth came from high growth markets, with India
growing at 25 percent and Brazil at 22 percent in local currency terms. In October, Andrew underscored KPMG’s commitment to high
growth markets when he became the first head of a Big Four accounting network to be based in Asia.
KPMG recorded increased revenues across all functions with particularly strong growth generated in Financial Services, Industrial
Markets and Infrastructure, Government and Healthcare. Advisory revenues grew by 8.3%, to $7.86 billion; Tax revenues grew by
6.3%, to $4.86 billion; and Audit revenues grew by 0.9%, to $10.31 billion.
"The growth in Advisory and Tax underlines the strength of client demand for professional services," said Michael. "On the Audit
side, the market has never been more competitive and we are focused on continuing to improve audit quality, as evidenced by our
significant investments in our global audit platform that surpassed $50 million, in addition to the $100 million invested over the past
several years. KPMG member firms are also actively engaged with their regulators around the world in constructive dialogue, with
the goal of continuing to improve audit quality."
At a regional level, the Americas delivered strong growth for the year, with revenues rising by 7%. The Europe, Middle East and
Africa region reported increased revenues of 4% across the region, despite the ongoing economic uncertainty caused by the
Eurozone crisis. The Asia Pacific region reported revenue growth of 1.1%, reflecting subdued growth in North Asia.
KPMG's commitment to investment in rapidly growing economies was reflected by exceptional annual growth of 20% or more at
KPMG firms in Argentina, Brazil, Chile, India and Turkey. Revenue growth was also strong in Africa and Indonesia, rising by more
than 10% in each area over the last fiscal year. The decision to convert our Chinese member firm from a joint venture to a special
general partnership was also a bold step and will enable KPMG's Chinese firm to continue to contribute to the development of the
Chinese accounting profession.
"I am proud that our Chinese member firm has grown from 30 employees only 20 years ago to 9,000 partners and staff today, with
significant potential for future growth," said Michael. "Opening a new KPMG office in Myanmar last month was a sign of our
commitment to helping to rebuild that country's economy, and to playing a leading role in the economic development of the region."
KPMG also established member firms in Iraq and Mongolia during the course of the year and now operates in 156 countries. The
decision to locate KPMG's chairman in Asia is a further indication of the commitment to the important role of this region in the global
economy.
In addition to investing in its global audit platform and emerging markets, KPMG also focused on bolstering advisory and tax
services. Michael noted that KPMG "will continue to make acquisitions that will help build market-leading positions and capabilities
in key areas that are important to clients, as we have done in shared services and outsourcing advisory and indirect tax compliance
services, as well as in procurement and supply chain management, through our recent acquisition of BrainNet. We are making these
investments to help provide the highest quality, most innovative services to clients." He added, "I'm confident the investments we
are making will create growth and career advancement opportunities for our professionals."
Recruiting top talent remained a priority in FY12. Over the course of the year, KPMG increased its global workforce by over 5%, to
more than 152,000 partners and staff, the highest number of individuals ever employed across the network. More than 450 new
partners were appointed over the year, bringing the number of partners across the network to more than 8,600, another record.
KPMG recruited more than 18,000 graduates last year and plans to recruit a further 60,000 graduates over the next three years,
marking the highest planned recruitment levels in KPMG's history. With its strong focus on training and advancement, KPMG has
become one of the top tier employers in the business community.
KPMG in China consolidated its leading position in M&A consulting by advising on three of the four largest Chinese business
outbound merger and acquisitions during the course of the year.
KPMG's Management Consulting practice, part of the Advisory business, achieved growth of 15% for the year and has grown to a
business with revenues of $2.2 billion in just seven years.
KPMG continued to invest in its global Centers of Excellence for Financial Services, Government & Infrastructure, Healthcare and
Management Consulting. The Centers bring together KPMG experts with specialized skills and expertise to bring solutions to assist
clients in navigating the fast-changing and complex business environment.
KPMG's firms now serve more than 82% of the Global Fortune 500 list of companies.
KPMG reinforced its commitment to sustainability, and won the prestigious International Accounting Bulletin "Sustainable Firm of the
Year" award.
KPMG has for the first time issued its International Annual Review, Transparency Report and Communication on Progress towards
the UN Global Compact goals along with the network's financial results.
KPMG regions 2011 2012 Comparison in local currency Comparison in US dollars (%)