by Federica Tedeschi
EY UK has reported fee income growth of 9.2% to £2.3bn ($3.1bn) for the year ending 30 June 2017, up from £2.1b in the previous year. This means that the firm still trails behind rivals PwC UK, who reported £3bn in September 2017, and Deloitte who posted revenues of £2.9bn.
EY UK saw a significant growth across all of its four service lines in 2017, starting from the fastest growing transaction advisory services (15.1% to £396m) and followed by assurance (11.3% to £689m), tax (9.1% to £634m) and business (3.8%).
EY UK chairman Steve Varley said: “There was strong demand for our services in FY17. Given the uncertain market conditions it is a real achievement that we managed to significantly grow our business, invested where we needed to and continue to create efficiencies.”
The accountancy firm also recruited nearly 4,000 people across the country, including 1,500 students and 63 equity partners.
According to Varley, the success is up to having invested in new technologies as clients turn to EY for more innovative products and services. In announcing its financial results EY UK highlighted in particular its capital allowance review tool which uses machine learning to establish the correct tax code and according to the firm can do 35 hours work in 15 minutes, improving efficiency by 99%. EY has also invested in EY Absolute, a cloud based tool, which delivers book-keeping, accounting and tax services to clients.
“At a time of global flux clients have also particularly valued our ability to draw on EY’s operations across 150 countries as they seek to navigate new trading opportunities with countries such as the USA, Australia, China and India, “Varley added.