‘Big Four’ accountancy firm EY saw its partner earnings decrease from £693,000 last year to £679,000 in 2019, despite reporting “steady UK growth”.
The firm’s UK fee income grew by 1.5% to £2.45bn in the financial year ending 30 June 2019, increasing from £2.41bn the previous year.
It said despite a “challenging” business environment, revenues in Transaction Advisory Services and Tax also grew by 9% and 8% respectively, while Advisory and Assurance revenues declined on previous years by 3% and 5%.
Distributable profits before tax also increased from £472m in FY18 to £477m this year, and the firm said its total tax contribution for 2019 is more than £927m. EY also hired 57 new UK equity partners, 34% of which were women and 22% BME.
Steve Varley, EY’s UK chairman, said: “We are very clear about the crucial role that our work plays in building and sustaining trust and confidence in the capital markets and helping to improve the attractiveness of the UK as a centre for business.
“That’s why it’s important that we have continued to invest in the right places, despite the uncertain economic environment.”
He added: “This year alone we’ve hired over 2,600 people, with more than a third of all roles in our regional business, invested around £31m in training and development, and have made significant investments in our tech capabilities.
“After multiple years of strong UK growth, we have continued to prioritise the infrastructure needed to deliver high quality audits by investing in compliance, our people and new technologies.”