EY has delivered almost identical growth in 2015 as a year earlier as its UK revenues broke through £2bn for the first time.
The professional services firm, which employs 450 people in Leeds and Hull, increased fee income by 8% to £2.01bn in the year to July 3, while distributable profits grew by 6% to £437m.
However a big increase in the number of equity partners – 95 people joined the UK partnership, increasing the total to more than 600 – as well as investments in technology reduced average distributable profit per partner by 3.7% to £700,000.
Three of those new partners were in Yorkshire, with Paul Tomlinson and Christopher Gallagher joining from Deloitte and PwC respectively, while Mark Morritt was promoted internally.
Its regional performance is “in line with the UK firm’s expansion” and senior partner Stuart Watson attributed the firm’s success to its investment in key areas.
“Over recent years we’ve been focused on investing in our service lines and technology, our people and our brand in the region,” he said.
“These results reflect the success of our approach, along with our people’s commitment to giving our clients outstanding service.
“All of our core service lines have grown and our financial services practice is going from strength to strength, developing new opportunities and services.
“Yorkshire and the North of England as a whole, are important markets for EY; as confidence returns we’re seeing increased demand from our clients to help them drive growth in the UK and internationally. The Government’s focus on policy calling for Yorkshire and the wider North to take control of key economic development plans should build on that confidence.
“As a firm we’ve got real momentum and over the coming years we’ll continue investing to help our clients, communities and people thrive.”
EY, which employs 212,000 people across the world, reported annual revenues of £19bn (US$28.7bn) – an 11.6% increase in local currency, which is EY’s fastest growth globally since 2008.
