EY breaks £2bn milestone in the UK

ACCOUNTANCY and advisory firm EY has reported fee income growth in the UK of 8% to £2.010bn for the year ending 3 July 2015, up from £1.868bn in the previous year.

All service lines and regions reported growth. Distributable profits increased by 6% from £412m to £437m.

Globally, the firm reported annual revenues of US$28.7bn for FY15 – an 11.6% increase over the previous financial year in local currency.

This is EY’s fastest growth globally since 2008. Developed market growth was led by the US, UK, Germany, Australia and Italy and the emerging market practices saw revenue growth of 12.3%.

The performance of EY’s 900-strong Midlands practice was in line with the UK firm’s growth during FY15. Regional highlights from FY15 include hiring two new direct admit equity partners in Andy Williams and Joanne Kaveney-Davis (both formerly with Deloitte).

It also hired Piers Clinton-Tarestad and Rupert Hutton as executive directors, formerly with Deloitte and PwC respectively, and promoted Steve Kirk and Paul Minness to executive director.

Sara Fowler, senior partner at EY in the Midlands, said: “Investing and developing our people, as well as ensuring we have an inclusive culture, have been vital to our success in recent years, and this continued in FY15.

“We appointed two new partners and four new executive directors who, along with the large number of 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; as confidence continues to return we’re seeing increased demand from our clients to help them drive growth in the UK and internationally.”