UK’s Big Four accountancy firms increased their fee income by 13%, to £6.7bn during the past financial year, according to a newly released report by International Financial Services London (IFSL).
The IFSL research shows fee income among UK’s top 50 accounting firms rose by 13%, to £8.8bn – the third consecutive year in which fee income grew by at least 11%.
PricewaterhouseCoopers remains the biggest firm with fee income totalling £2.1bn; followed by Deloitte, £1.8bn; KPMG, £1.4bn; and Ernst & Young (E&Y), £1.1bn. The combined revenue of the Big Four accounted for 73.4% of the fee income of the top 50.
The Big Four’s share edged up slightly from a low point of 72% in the 2005 IFSL survey. E&Y's fee income was the smallest of the big four but still almost three times the next biggest firm Grant Thornton, up by more than one-third, to £387m, following the merger with Robson Rhodes.
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