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October 10, 2013

EY UK grows 6%

By Vincent Huck

EY UK has reported a 6% raise in its annual revenues to £1.7bn (US$2.7bn) in the year to 30 June 2013.

The firm reported growth in three of its four service lines. Advisory went up by 17% to £486m. Assurance and tax both grew by 6% to £507m and £455m. And transaction advisory services declined by 11% to £273m.

EY said that the top growth sectors were financial services and the public and government sector due in part to the work gained from the Audit Commission. The firm also said that the demand for advisory services was driven by demand for services around big data, cyber-security and financial regulation.

EY chairman and managing partner for UK and Ireland Steve Varley said: "Our firm’s global structure and scale in rapid-growth markets is really helping to drive our success internationally – EY’s UK offices provide a global gateway for our local clients. We have a growing number of EY people from around the world working in the UK on assignments and more secondment opportunities available for our UK people overseas."

Average profit distributed to partners was up slightly from £597 000 in 2012 to £651 000 in 2013.

EY UK said it recruited 2,480 staff this year, half of which were students. The firm plans to match this figure in the coming year.

With these results EY might be a step closer to closing the gap with third ranked KPMG UK. Last year KPMG reported revenues of £1.7bn last year. KPMG is to report its 2013 results in December.

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