Profits and revenues up at EY despite Brexit slow-down

Accountancy giant EY has reported UK fee income growth of 7% to £2.150bn for the year ending 1 July 2016, up from £2.010bn in the previous year.

The firm says that the slow-down in the run up to the EU Referendum reduced the momentum of its overall performance, however all service lines and regions still reported strong growth over the year. Profits before tax increased by 3% from £437m to £452m.

EY says that the performance of its 900-strong Midlands practice was in line with the UK firm’s growth during FY16.

Sara Fowler, senior partner at EY in the Midlands, said: “Investing and developing in our people, business and brand have been vital to our success in recent years, and this continued in FY16. We appointed three new Partners and six Executive Directors and Directors who, along with over 300 graduate, school leaver and experienced hires we took on, will help to grow our business in the years to come.

“The Midlands is an important market for EY and this has been reflected by the firm’s continued investment in the regional business. Over the past 12 months, we’ve focused on expanding our service line offerings and growing local teams to meet increased demand for our services and strengthen the support EY offers to mid-market firms across the region.”