Partners’ pay-out falls but EY reports ‘steady’ growth
Accountancy giant EY has seen UK revenues grow by 1.5% over the last 12 months to £2.45bn, despite what it is calling “a challenging business environment”.
The firm is reporting revenues in Transaction Advisory Services and Tax growing “strongly” by 9% and 8% respectively, while Advisory and Assurance revenues declined on previous years by 3% and 5%.
Profits before tax increased from £472m last year to £477m in 2019. Despite this, partners at the firm will see their profit bonus decrease this year, from £693,000 in 2018 to £679,000 this time around.
Steve Varley, EY’s UK chairman, said: “We are very clear about the crucial role that our work plays in building and sustaining trust and confidence in the capital markets and helping to improve the attractiveness of the UK as a centre for business. That’s why it’s important that we have continued to invest in the right places, despite the uncertain economic environment. This year alone we’ve hired over 2,600 people, with more than a third of all roles in our regional business, invested around £31m in training and development, and have made significant investments in our tech capabilities.
“I am feeling very optimistic about the future health and growth of our business. The economic environment over the next 12 months is likely to be challenging, as the UK economy adjusts to life outside the EU, but I’m confident that we have a resilient and flexible UK business that is well placed to adapt to a slower growth economy and is also able to draw on the strengths of EY’s global network. We have robust plans in place for our own business and remain focused on supporting our clients.”
