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 ($4.58bn) from £3.23bn the previous year. This market leading performance has been underpinned by long term investments in people, audit quality and technology. Distributable profits before tax increased 4% to £659m.
EY 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 8%. 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%).
Commenting on this, EY UK chair, Hywel Ball, 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.
“Client demand has remained strong, particularly in areas such as technology consulting, tax and audit. Companies have been looking to our deep expertise as they transform their businesses in response to the economic and regulatory environment and development of rapidly emerging technologies.”
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