Ernst & Young announced combined global revenues of US$21.3 billion for the fiscal year ended 30 June 2010, compared with US$21.4 billion in fiscal 2009.
The 2010 fiscal year saw a mixed performance, with decreases in revenue in the first half, offset by a rebound in the third and fourth quarters. Revenues in the second half of the financial year increased by 5.3% in US dollars.
Across Ernst & Youngâ€™s four geographic Areas, its newly formed Asia-Pacific Area recorded a 9.0% growth in revenues; the Americas, EMEIA and Japan Areas showed a 3.2%, 0.9% and 0.3% decline respectively. All Areas showed improvement in performance in the second half of 2010.
In June 2010 Ernst & Young achieved another significant milestone by completing our Asia Pacific integration as more than 1,200 of our partners voted overwhelmingly to establish a new combined area. Our clients and stakeholders continue to welcome these moves which we see as evidence that we are serving them as they want to be served â€“ by a globally integrated organization and not as a collection of individual national practices.
Ernst & Young expects to support the global economic recovery by increasing its recruitment of new people in FY 2011, including recruiting more than 5,000 in China and India. The 2010 Universum global recruitment survey of nearly 130,000 students, released last week, placed Ernst & Young as number three among all employers worldwide and as the most attractive place for graduates to work in more markets than any of its competitors.
Fiscal 2010 marked the fourth year of Ernst & Youngâ€™s previously announced US$1 billion investment initiatives. Underlining the shift in global economic power, much of the new investment has been earmarked for emerging markets and the program exceeded expectations, with more than US$1.2 billion ultimately invested.