EY UK has reported a 8.6% increase in its revenues to £1.9bn ($3.1bn) in the year to 27 June 2014, slightly ahead of the 6% growth recently announced by the firm’s global parent.
The growth rate is higher than the 6% increase registered last year, but remains well below the eight-year high of 11% in 2011. EY UK chairman Steve Varley said the global strengths of the network was critical to EY’s growth in the UK.
"Our ability to collaborate internationally has given us significant competitive advantage in helping our clients expand across borders," he added.
The firm’s assurance service line grew by 8.5% to £550m. EY UK said the growth in assurance services was driven by positive performance across its audit, fraud investigation, dispute and financial and accounting advisory services.
EY UK’s tax service line registered the most sluggish performance , its growth slowed from 6% in 2013 to 3.3%, with tax services for M&A transactions cited as an area of strength.
Advisory grew by 15% to £559m, slowing slightly from the 17% increase witnessed in 2013.
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By GlobalDataTransaction advisory services (TAS) were up 5.9% to £289m, returning from growth after a 11% decline last year. The increase was driven in particular by resurgence in private equity and IPO activity, according to EY UK, who said it advised on 40% of all IPOs in the past year.
In the past financial year the average distributable profit per partner also improved, increasing to £727,000, up 11.7%, from £651,000 in 2013.
In terms of staff, the firm increased its total headcount by 9%, hiring over 3,500 new employees, including 68 equity partners, a new record, 750 graduates and 100 school leavers.
EY UK chairman Steve Varley said of the appointments: "I am particularly proud of our 39 new internal partner admissions within the business and see it as a testament of the strong talent pipeline we are nurturing at every level."
"Looking forward," he added, "even though there is a degree of political uncertainty in the UK, I do feel positive about the health of the economy and the opportunity this gives businesses to grow."
Related links:
Emerging markets growth leads EY 6% increase in global revenues
