EY (UK) breaks through £2bn fee income barrier

756
0

The fee income of the Big Four firm EY increased by 8% in the year ending 3 July 2015 to top £2bn, up from £1,9bn. More than 4,500 people were recruited by the firm in 2014/15, with 95 new equity partners joining – of which more than a third were women.

Distributable profits climbed 6% to £437m, from £412m. Average distributable profit per partner fell to £7000,000, from £727,000.

Steve Varley, EY UK chairman, said: “I am very proud of the jobs that we have created this year, especially as we continue to provide more opportunities for school leavers as well as experienced hires and new graduates.”

The firm has refurbished most of its 21 offices, including the opening of a new site in Canary Wharf.

Assurance revenues grew 6.4% to £585m, which included new audit clients such as the BBC, Co-operative Bank, Sainsbury’s and Royal Dutch Shell. Financial accounting and forensic services also drove growth in the division.

Advisory grew 4.5% to £584m, while there was double-digit growth in transaction advisory services (to £324m). Tax climbed 10% to £517m, with private equity and corporate transactions aiding its improved performance.

Strong sectors included financial services, insurance, and wealth and asset management. Digital services are predicted to be a big growth area for the firm in 2016.

Read more here.