Ernst & Young reports period of growth

Accountancy firm Ernst & Young has reported a growth in profits, it has emerged.

According to reports, for the period up to June 30th 2007, Ernst & Young experienced an increase in profits to £328 million, a rise of seven per cent.

"The increase in our UK revenues of nearly 50 per cent over the last three years out performs those of our three main rivals," said Mark Otty, chairman of the UK arm of Ernst & Young.

"I am pleased with the strong performance we achieved in all parts of our business in the UK in 2007," he added.

During the same period, the firm also reported revenue growth to £1.23 billion, an increase of nine per cent.

For 2008, growth has been predicted to come from the introduction of new services and from emerging markets.

Although the company's history goes back as far as 1849, Ernst & Young itself was established in 1989.