We will double advisory fees in three years: E&Y
Audit revenues are down and advisory revenues are up at Ernst & Young, according to its latest set of accounts
Big Four firm Ernst & Young has set out an ambitious plan to double its
revenue from advisory services in the next three years.
The firm made the comments following the release of its accounts which showed
that, while audit revenue drop £8m compared with 2008 figures, advisory revenue
increased £86m.
Managing partner Mark Otty received a £2m slice of profits according to the
accounts, a decrease on his 2008 share of £2.2m. It was part of a wider
reduction in the distribution of profits across the firm. The average profit
payment fell from £737,000 in 2008 to £678,000.
In a statement, a spokeswoman said the firm wants to grow its advisory arm,
“which in five years has become a 1,500 people strong £300m of revenue business
in the UK & Ireland”.
“In advisory we have ambitions to double our revenues and to recruit around
1,000 people across the UK and Ireland, from graduates to partners, in the next
three years,” she said.
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