Ernst & Young Fiscal Year 2007 Global Revenues Rise 15% to US$21.1 Billion



    Integrated Global Model Drives Double Digit Growth

    LONDON, November 1 /CNW/ - Ernst & Young today announces that worldwide
combined revenues increased to US$21.1 billion for the fiscal year ending 30
June 2007. This represents a year-on-year revenue increase of US$2.7 billion
and a growth rate of 15% (11% in local currency terms).

    "Our strong performance over the last fiscal year reflects the success of
our long-established strategy to develop a truly global approach to our
business," said James S. Turley, Ernst & Young's Chairman and CEO. "Several
years ago, we committed ourselves to a structure for the global organization
which has brought together all of our 130,000 people, across 140 countries,
through seven tightly integrated Area practices."

    "Our global integration efforts recognize the profound changes occurring
in the broader business environment, including rapid globalization, and the
rise of the emerging markets. In this context, we are better able to deliver
against our clients' ever-higher expectations of seamless, consistent,
high-quality client service wherever they operate around the world," added Mr.
Turley.

    "Having already brought together groupings of country practices within
our Area structure, we are better able to meet market demands more quickly and
effectively, while respecting the legal and regulatory requirements in each
country," commented Ernst & Young Global Chief Operating Officer, John
Ferraro. "In addition, we can more easily invest across the globe in quality
and services, and deploy people with the right skills to serve our clients."

    The strength of the global platform has enabled double digit performance
across each of Ernst & Young's global service lines of Assurance and Advisory
Business Services (AABS), Tax, and Transaction Advisory Services (TAS), as
well as each of the seven geographic Area practices.

    TAS led the service line growth, achieving a 29% revenue increase,
reflecting Ernst & Young's involvement in some of the largest deals over the
period, including significant activity in the emerging markets, and the
exceptional demand from Private Equity clients. Tax revenue improved by 18%,
owing to strong demand for these services, particularly in the Far East and
Americas. The continued steady demand for assurance and risk-based services,
together with the growing call for business advisory services, enabled AABS
revenue to grow by more than 16%.

    In the seven Areas, US dollar growth has been as follows: 10% in the
Americas; 22% in Northern Europe, Middle East, India and Africa; 16% in
Central Europe; 17% in Continental Western Europe; 27% in the Far East; 16% in
Oceania, and 21% in Japan. Notably, in places where strategic investments have
been made - such as China, India and Russia - growth in excess of 30% has been
achieved.

    "The great strides we have made towards the global alignment of our
business will be supplemented with further significant investment in markets
of strategic importance in the years ahead. We believe this focus, combined
with the diversity of our people, the power of our values-based culture and
our unwavering commitment to quality, gives us real competitive advantage in
the global marketplace," concluded Mr. Turley.

    About Ernst & Young

    Ernst & Young is a global leader in assurance, tax, transaction and
advisory services. Worldwide, our 130,000 people are united by our shared
values, and an unwavering commitment to quality.

    For more information, please visit www.ey.com

    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 press release has been issued by EYGM Limited, a member of the
global Ernst & Young organization, that also does not provide any services to
clients.

    
    James Turley -      Steve Howe - Area       Pierre Hurstel - Global
    Chairman and        Managing Partner,       Managing Partner, People
    Chief Executive     Americas
    Officer                                     +44 20 7980 0405
                        +1 212 773 3258
    +1 212 773 4300     ----------------------- --------------------------
                        Mark Otty - Area        Sue Frieden - Global
    John Ferraro -      Managing Partner,       Managing Partner,
    Global Chief        Northern Europe,        Quality and Risk
    Operating Officer   Middle East, India      Management
                        and Africa
    +44 20 7980 0044                            +44 20 7980 0778
                        +44 20 7951 4966
                        ----------------------- --------------------------
                        Christoph Gross -       Herman Hulst - Global
                        Area Managing           Managing Partner,
                        Partner, Central        Client Service and
                        Europe                  Accounts

                        +49 6196 996 26250      +44 20 7980 0017
                        ----------------------- --------------------------
                        Patrick Gounelle -      Jeff Dworken - Global
                        Area Managing           Managing Partner,
                        Partner, Continental    Operations and Finance
                        Western Europe

                        +33 1 46 936622         +1 212 773 6914
                        ----------------------- --------------------------
                        David Sun and Jim       John Murphy - Global
                        Hassett - Co-Area       Vice Chair, Assurance
                        Managing Partners,      and Advisory Business
                        Far East                Services

                        +852 2846 9668          +44 20 7980 0255


                        +852 2629 3088
                        ----------------------- --------------------------
                        James Millar- Area      Sam Fouad - Global Vice
                        Managing Partner,       Chair, Tax
                        Oceania
                                                +44 20 7980 0800
                        +612 9248 4333
                        ----------------------- --------------------------
                        Toshio Mizushima-       Dave Read - Global Vice
                        Area Managing           Chair, Transaction
                        Partner, Japan          Advisory Services

                        +81 3 3503 1122         +44 20 7980 0550
    ------------------- ----------------------- --------------------------
    

    
                  2007 Ernst & Young Revenue Data Tables

    Revenue                    Fiscal Year Fiscal    % change % change
    In Millions of US          2007         Year      in US $  in local
     Dollars                               2006                currency


                            -------------------------------------------
    AABS                    US$     14,530    12,555      16%       12%
    TAX                              5,566     4,710      18%       14%
    TAS                              2,463     1,909      29%       24%
    Elimination (a)                (1,455)     (815)
                               ----------------------------------------
    TOTAL REVENUE           US$     21,104    18,359      15%       11%
                            -------------------------------------------

    (a) For management reporting purposes certain revenues are included in
     multiple Service Lines and have been eliminated in presenting total
     revenue.

    Personnel by Service       At 30       At 30     % change
     Line                      June 07     June 06
                            ---------------------------------
    AABS                            69,521    63,475      10%
    TAX                             22,071    19,921      11%
    TAS                              5,692     4,762      20%
    Practice Support and
     Administration                 27,051    26,121       4%
                            ---------------------------------
    TOTAL PERSONNEL                124,335   114,279       9%
                            ---------------------------------

    Partners and Principals
     (included in the above)         7,604     7,217       5%
    ---------------------------------------------------------

    By EY Areas
    ------------------------
    Revenue                    Fiscal      Fiscal    % change % change
    In Millions of US          Year        Year       in US $ in local
     Dollars                   2007        2006               currency


                            -------------------------------------------
    Americas                US$      9,019     8,214      10%       10%
    Northern Europe, Middle
     East, India, Africa             4,080     3,354      22%       14%
    Central Europe                   3,297     2,850      16%        9%
    Continental Western
     Europe                          2,255     1,929      17%        9%
    Far East                         1,010       796      27%       23%
    Oceania                            718       617      16%       11%
    Japan                              725       599      21%       26%(b)
                            -------------------------------------------
    TOTAL REVENUE           US$     21,104    18,359      15%       11%
                            -------------------------------------------

     (b) Reflects changes in fiscal year end and certain other changes
      related to Japan's adoption of EY's global financial information
      system.

    Personnel                  At 30       At 30     % change
                               June 07     June 06
                            ---------------------------------
    Americas                        40,635    38,591       5%
    Northern Europe, Middle
     East, India, Africa            25,581    22,792      12%
    Central Europe                  17,882    16,565       8%
    Continental Western
     Europe                         13,254    12,738       4%
    Far East                        17,780    15,648      14%
    Oceania                          4,723     4,410       7%
    Japan                            4,480     3,535      27%
                            ---------------------------------
    TOTAL PERSONNEL                124,335   114,279       9%
                            ---------------------------------
    




For further information:

For further information: Ernst & Young Kevin Russell, +44 (0)7884 235
847 Global Public Relations kevin.russell@uk.ey.com


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