E&Y's UK revenues break the £1bn barrier
Big Four Firm reports growth across all of its service lines and a strong focus on recruitment to attract the best candidates
E
&Y announced a 20 per cent growth surge in UK revenues today.
The firm brought in £1.13bn for the financial year ended 30 June 2006 as
revenues increased across all of E&Y’s service lines and industry groups
with average profit per partner rising 27 per cent to £686,000.
Assurance and Advisory Business Services (AABS) practice showed the strongest
growth of the three service lines, up 23 per cent to £587m. Growth came from a
number of sources including new audit wins, the implementation of IFRS, Sarbox
compliance and other financial services regulation.
Its new Business Advisory Services practice recorded revenues of £32m in its
first nine months of existence.
The Transaction Advisory Services practice generated £234m, up 19 per cent,
from a variety of due diligence and lead advisory work, because of a buoyant
corporate and private equity market.
E&Y’s Tax Arm brought in £309m up 14 per cent on 2005, driven both by a
strong corporate market and a range of new tax sub-service lines with a strong
focus on international tax. The firm stated that although revenues were up
across all the industry sectors in which it operates, there was particularly
strong growth in financial services and government work.
UK Chairman
Mark
Otty said, ‘The firm has reported record results this year. This financial
success stems from our early reaction to changes in our chosen markets, and as a
consequence we have performed favourably when compared with our industry and to
previous years.
‘That our results are so strong is in no small part attributable to the
vision and strength of my predecessor Nick
Land. Thanks to him and the enormous effort and endeavour of our partners
and staff we have achieved great things this last year.’
The UK breakdown follows last month’s report of the firm’s global revenues
for the same period rising by 10 per cent to $18.4bn (£9.8bn). E&Y’s full
Annual Review is expected next week.
Further reading
Ernst & Young celebrate 9% global
growth