EY posts 8.8% rise in revenues as partner share hiked to £727k

EY results

Partners at EY have seen an 11.7% pay hike, after the firm reported UK revenues rose 8.6% last year to reach £1.86bn, driven by growth across all four of its service lines

Fee income was up from £1.721bn in the previous year to £1.868bn for the year ending 27 June 2014, while distributable profits increased by 12%, from £368m to £412m.

Average distributable profit per partner increased to £727,000, up 11.7%, from £651,000 in 2013.

EY’s advisory business posted the largest growth rate, up by 15% to £550m. The firm’s assurance division, which has seen audit wins over the last 12 months include London Stock Exchange, BBC, The Co-operative Bank and Sage, grew by 8.5% to £550m.

Transaction Advisory Services (TAS) was up by 5.9% to £289m, with EY reporting it advised on 40% of all IPOs in the last year.  Tax grew by 3.3% to £470m, driven in part by the tax work provided on major M&A transactions.

EY says financial services, the firm’s largest industry sector, posted a sixth year of strong growth, with its technology, media, telecoms and private equity teams also performing well. The firm announced a record 68 new equity partners earlier this year, including 39 internal admissions.

Steve Varley, EY’s UK chairman, said:  ‘Our ability to collaborate internationally has given us significant competitive advantage in helping our clients expand across borders.  Our commitment to a long term investment strategy in the UK, especially through the recession, continues to pay off.

'Looking forward, 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.

'At EY, our global strategy means we have exciting times ahead and I am confident that this strategy will help us help our clients grow in the UK and internationally.’

Pat Sweet |Reporter, Accountancy Daily [2010-2021]

Pat Sweet was the former online reporter at Accountancy Daily and contributor to the monthly Accountancy magazine, pub...

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