North helps business services group achieve record £3.76bn revenues
Business services group, EY, has achieved a second year of double-digit revenue growth, with UK revenues up 16% and fee income increasing to a record £3.76bn from £3.23bn the previous year.
Distributable profits before tax remained broadly flat at £659m.
EY has increased its employees’ salaries by £72m and awarded variable pay bonuses of £83m this year, totaling £155m.
It achieved strong growth across all of its service lines in the UK. Tax revenues grew by 20%, Consulting 18%, Assurance 17% and Strategy and Transactions by eight per cent. EY has also seen strong demand across its industry sectors with stand out performances from Energy (28% UK revenue growth), Government & Infrastructure (26%), Technology, Media & Telecoms (15%) and Financial Services (12%).
Hywel Ball, EY’s UK chair, said: “These impressive results mark a third year of market leading growth in the UK. We’ve achieved record UK revenues whilst also continuing to invest for the future.
“The long term investments we’ve made in the business have underpinned our growth and position us well to continue this trajectory. This year alone, we’ve appointed a further 267 new partners, adding over 10% to our total UK partner population, whilst also making a $1.4bn investment globally in AI.”
EY’s teams in the North of England have contributed to the firm’s strong growth in FY23 and EY has continued to make significant investments in its regional business.
It appointed 19 new partners across the North of England and hired more than 130 talented graduates and apprentices. EY’s Manchester office welcomed 69 students – the second highest number in any of EY’s offices outside of London in 2023 – in addition to 34 students in Leeds, 26 in Newcastle and eight in Liverpool.
This month, EY also promoted more than 200 of its people across its offices in Manchester, Leeds, Newcastle and Liverpool.
Client demand has remained strong. Over the course of FY23, teams across the North of England continued their momentum in the deals market, helping to seal transactions worth in the region of £2.8bn.
Stephen Church, EY’s UK market leader for the North, said: “I’m incredibly proud of our teams in the North of England. We have achieved another year of strong growth, whilst also continuing to make significant investments across our regional business.
“We have strengthened our firm with the appointment of 19 new partners in the North and have added capabilities through an acquisition and firm-wide investments in new technologies. I’m also particularly proud of our societal contribution. We have created employment opportunities for over 130 young people through our student recruitment programme and have supported future talent development across the region through our work with the EY Foundation.”
He added: “The investments we’ve made in the business mean we are well placed to support the evolving needs of clients across the North of England, whilst also supporting the long term growth of our firm.”