Revenue exceeds £3.2bn at EY as long-term investments pay off
Multinational accounting giant EY saw its UK revenues increase by 17.2% to over £3.2bn last year, according to recently released figures.
The news comes as partners prepare to vote on a plan to effectively separate EY into two parts by creating a new global partnership and a new corporate.
EY said its positive performance had been driven by “long term investments in people and technology and strong client demand.”
The firm achieved revenue growth across all of its service lines in the UK during the period, growing its consulting and tax propositions by 33% and 15% respectively.
It also experienced an uptick in demand of over 26% for its consumer products and private equity offerings.
Hywel Ball, UK chair at EY, said: “This has been a record year of growth in the UK, driven by the long-term investments we’ve made in our business and strong client demand. The decisions we’ve made in recent years, whether that’s continuing to recruit during the pandemic, expanding the Partnership, or the significant financial investments we’ve made in acquisitions and new technologies, have underpinned the extraordinary growth we’ve seen this financial year. These results also demonstrate the strength and resilience that we will continue to bring to navigating the current turbulent economic environment successfully.
“With companies facing a convergence of challenges, from climate change and the pandemic to economic uncertainty and shifting consumer habits, we’re investing in the talent, skills and services needed to help our clients transform, grow and build trust with their stakeholders.
“Over the last financial year alone we’ve recruited over 5,500 people across all parts of our business, with 37% of roles based outside of London, and appointed 120 new equity Partners. We’ve expanded our range of services in areas including technology consultancy and sustainability through acquisitions and the launch of EY Carbon. Plus, we’ve invested over $1bn globally in audit quality, supported by a refreshed investment strategy here in the UK.”
EY has welcomed 58 graduates and 16 apprentices to its Midlands office and recruited a record 1,473 students across the UK this year – an increase of 35% on 2021.
Ball added: “Our legacy as a single organisation has been exceptional and we’re in a strong period of growth for our business. I’m proud that, against this backdrop, we are taking the opportunity to review the shape of our business in the UK and globally to ensure we’re well positioned to build on this success into the future.”
