EY reports strong performance in the North West

Ernst & Young, the professional services firm providing audit, tax, transaction and advisory services, has reported turnover growth of 8.6% to £1.86 billion for the year ending 27 June 2014, up from £1.721 billion in the previous year.

The firm’s distributable profits increased 12% from £368 million to £412 million.

EY’s 480-strong North West practice, comprising offices in Manchester and Liverpool, was in line with the UK firm’s market leading growth during FY14.

EY has announced a £650k investment in a new forensic technology lab in Manchester, which will employ 50 people over the next two years.

In September 2014, the North West firm increased its graduate intake by 61% to 44 and welcomed 7 school leavers. Over 750 graduates and 100 school leavers were welcomed into EY offices across the UK last month.

Business growth has enabled EY to invest heavily in its people, with a record 68 new equity partners announced nationally earlier this year.

The firm’s North West Financial Services Assurance business continued to expand, winning the audit of The Co-operative Bank.

The firm’s Transaction Advisory Services (TAS) practice supported a number of landmark North West transactions, including the acquisition of Warrington-based Optionis by MML Capital Partners and the secondary buyout of Skelmersdale-based Hotter Shoes by Electra Partners, both in January 2014.

Simon Allport, North West senior partner at EY, said: “Our strong performance in the North West – which was in line with our market-leading UK growth – was underpinned by continued investment in our people and expansion across our service lines, including new client wins and advising on a number of the most significant corporate transactions in the region.

“Entrepreneurial businesses in the North West are targeting opportunities around the world as their markets improve. Our ability to deliver internationally has given us significant competitive advantage in helping our regional clients to expand across borders.

“Our Financial Services Assurance business in the North West grew on the back of new client wins and we also announced our new £650,000 forensic technology hub – our first forensics lab outside of London.

“These are two of a number of services in which we’re developing national centres of excellence here in the North West, helping us to respond to the emerging opportunities and challenges facing our clients.

“The North West is the focus of even greater economic and political interest due to HS2, the ‘Northern Powerhouse’ vision and the debate surrounding the devolution of political powers to the regions.

“It is a strategically important market for EY and represents a real growth opportunity for our business as the region focuses on its contribution to rebalancing the economy. Through investing in our North West practice to support the ambitions of our clients and the communities we work in, we remain committed to helping the region thrive.”