Strong performance in Yorkshire helps EY boost revenues
PROFESSIONAL services firm EY has announced turnover growth of 8.6% to £1.868bn as it reported a strong performance from its Yorkshire practice.
For the year ending June 27, distributable profits increased 12% from £368m to £412m.
Globally the firm reported revenues of US$27.4bn for the same period – 6.8% growth over the previous financial year in local currency terms.
The performance of EY’s 340-strong Yorkshire and Humberside practice, comprising offices in Leeds and Hull, was in line with the UK firm’s growth during FY14, it said.
EY was reporting accountant on three IPOs for Yorkshire-based companies, as the firm advised on over 40% of listings nationally during the period.
The firm appointed Stuart Watson as its Yorkshire and Humberside senior partner in July, with David Buckley changing role to concentrate on leading the firm’s transaction support team in the region.
Stuart Watson said: “Our strong performance in Yorkshire and Humberside – which was in line with our market-leading UK growth – was underpinned by continued investment in our people, a number of new client wins across our service lines and the landmark IPOs our teams supported in the region.
“Entrepreneurial businesses in Yorkshire 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.
“We are continuing to invest in our fast-growing Financial Services Assurance business in the North on the back of new client wins and the appointment of Partner Steve Robb to our Leeds office. Our established Health Advisory team in Yorkshire is also growing strongly, as we help organisations in the sector respond to the fresh opportunities and challenges they face.
“Yorkshire and Humberside is the focus of even greater economic and political interest due to HS2, the ‘Northern Powerhouse’ vision and the debate surrounding the devolution of political powers to the UK regions. It is a strategically important market for EY and represents a real growth opportunity for our business as the region focuses on its contribution to rebalancing the economy. Through investing in our Yorkshire and Humberside practice to support the ambitions of our clients and the communities we work in, we remain committed to helping the region thrive.”
