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Ernst & Young revenue climbs 17 per cent to €166m

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The amount paid by European consumers in premiums was €1.12 trillion in 2013.

The amount paid by European consumers in premiums was €1.12 trillion in 2013.

The amount paid by European consumers in premiums was €1.12 trillion in 2013.

Revenue at the Irish unit of professional services firm Ernst & Young (EY) rose 17pc to €166m in the year to the end of June, with all its divisions reporting strong growth.

The company said that revenue generated from its audit and assurance services was up 16pc to €113m in the period, while tax advisory and other non-audit revenues were 21pc higher at €53m.

EY Ireland managing partner Mike McKerr said that the firm's advisory practice had seen a substantial increase in demand for business transformation services, as well as process improvement and IT revamp management solutions.

There continued to be strong demand for restructuring and debt resolution services, underlining the continuing fallout from the economic crisis even as the overall economic picture improves.

"This is now supplemented by a welcome return of 'normal' corporate transactions which has encouraged us to accelerate investment in valuations and business modelling together with mergers and acquisitions," said Mr McKerr.

He said that he is hopeful this month's Budget will "mark a turning point" and the "end of the austerity era".

"The Government must avoid damaging consumer confidence and continue to focus on the job creation measures that will accelerate recovery," he said.

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