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UK fee income grows to £2.15 billion for EY

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UK fee income at professional services firm EY grew 7% to £2.15 billion for its financial year ending June 30, 2106, according to figures released by the company today.

The results take EY’s compound annual growth rate over the last five years to 8%, adding almost £700million to its revenue, the company said.

Although the slow-down in the run up to the EU Referendum reduced momentum of its overall performance, all its service lines and regions reported strong growth over the year. Distributable profits before tax increased by 3% from £437m to £452m.

Steve Varley, EY’s UK Chairman, said: “We had another good year at EY, with strong growth across all of our service lines, sectors and regions.”

He added: “There have been a variety of economic and political headwinds affecting global growth with the uncertainty around the impact of Brexit being one of a number of challenges that companies are having to consider.

“However, I am confident that our global structure and deep sector experience will continue to be a differentiator. We are already seeing signs of an improving market with activity levels picking up in our first quarter of the new financial year.”

EY’s headcount in Scotland is now more than 1,000. Across its four offices, in Aberdeen, Edinburgh, Glasgow and Inverness, the company had 123 new recruits and made 131 promotions in the last financial year.

Mark Harvey, EY senior partner, Scotland, said: “Our business is going from strength to strength in Scotland. Our footprint on the ground has increased to a record high of more than 1,000 people, with 38 partners dedicated to the Scottish market, including three internal promotions.

He added the company planned further expansion in Scotland in the year ahead.

 

Globally, the company reported annual revenues of US$29.6 billion, representing a 9% increase over financial year 2015 revenues in local currency.

 

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