financial year

noun [C] (abbreviation FY, also accounting year) mainly UK

Definition

› ACCOUNTING a period of twelve months for which a company prepares its accounts. In the UK, this period often ends at the end of March: the current/previous/next, etc. financial year Profits for the current financial year are expected to rise more than 20%.the beginning/end/second half, etc. of the financial year In the second half of the financial year, we were successful in winning several new contracts. He was paid over £700,000 in the financial year to March 2010.

→ Compare fiscal year, tax year

(Definition of financial year noun from the Cambridge Business English Dictionary © Cambridge University Press)

Focus on the pronunciation of financial year