Revenues leap at EY
ACCOUNTANCY group EY has enjoyed a strong year, increasing UK revenues by 8.6% to £1.86bn.
The firm said profits were up 12% to £412m in the year to the end of June, and the average distributable profit per partner increased to £727,000, up 11.7%.
It did not break down figures for the North West, where the group employs 480 in Manchester and Liverpool, but said growth mirrored the national trend.
Across the world EY saw revenues grow by nearly 7% to $27.4bn.
North West senior partner Simon Allport said: “Our strong performance in the North West – which was in line with our market-leading UK growth – was underpinned by continued investment in our people and expansion across our service lines, including new client wins and advising on a number of the most significant corporate transactions in the region.
“Entrepreneurial businesses in the North West are targeting opportunities around the world as their markets improve. Our ability to deliver internationally has given us significant competitive advantage in helping our regional clients to expand across borders.”
Deals the North West team advised on included: The acquisition of Warrington-based Optionis by MML Capital Partners; the secondary buyout of Skelmersdale-based Hotter Shoes by Electra Partners; NorthEdge Capital’s investment in Blackburn-based Accrol Papers; and the sale of The Co-operative Group’s pharmacies business to Bestway.
Mr Allport said the audit division grew on the back of new client wins and the firm invested £650,000 in a new forensic technology lab in Manchester, which will employ 50 people over the next two years. Last month EY increased its graduate intake in the North West by 61% to 44 and took on seven school leavers.
