Accounting Firms

EY sees revenues up 7.3%

The firm also hired over 2,550 people over the last financial year, with 36% of roles based outside of London

EY UK has reported revenue growth of 7.3% for the financial year ended 2 July, while its UK fee income also increased to £2.75bn from £2.57bn the previous year.

The firm has reported strong growth across all its service lines. Revenues in strategy and transactions grew 12.1%, consulting grew 9.5%, assurance grew 5.8% and tax grew 4%.

Meanwhile, distributable profits before tax increased to £533m, up from £479m in FY20.

EY hired over 2,550 people over the last financial year, with 36% of roles based outside of London. This is in addition to the 909 graduates and 179 apprentices that joined EY this September, with 44% based in regional offices. Of the student recruits, 46% are women, 38% are from an ethnic minority heritage, and 4% are Black.

The firm has also continued to invest in new partner hires, appointing 103 new UK equity Partners. 65 of these appointments were internal promotions, representing the largest intake of home-grown talent in 10 years.

Hywel Ball, EY’s UK chair, said the firm had seen “strong balanced growth” across all areas of its business, driven by “high levels of demand from our clients as companies adapted to the realities of COVID-19, as well as the long-term investments we’ve made in our people and services which has meant we’ve been resilient, agile and able to respond to our stakeholders’ needs”.

He said: “Throughout the pandemic, we’ve focussed on doing the right thing for our people, clients and the communities in which we operate. From the start, we reassured our people about their job security and pay and made a decision not to use the Government’s financial support. We also doubled a period of special leave for those facing emergency situations and extended discretionary sick pay to all our people, regardless of their length of service.

“We’ve since hired over 1000 students, positively impacted almost 1.3m people through our EY Ripples corporate responsibility programme, and have worked hard to support our clients as they have tackled the challenges posed by COVID-19.”

He added:“We’ve also increased our investments in audit quality and have made a series of acquisitions which will bring new capabilities and skills as we look to expand in new areas such as digital and technology consulting.”

“The global pandemic has been one of the most challenging periods that many of us will have ever experienced in our professional or personal lives and I’m incredibly proud of the resilience and adaptability shown by our teams. We recognised this in April, when we awarded all our people with an exceptional payment to thank them for their hard work during this time.”

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