Member Article

Ernst & Young strengthens North East practice

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 300-strong North East practice, comprising of a Newcastle office, was in line with the UK firm’s market leading growth during FY14.

The firm further strengthened its North East Tax practice by promoting Craig Cumpson to Executive Director, and hiring Senior Managers Matt Sharpe and Paul Hindson.

The EY Manufacturers League, which promotes growth and collaboration in this strategically important sector in the region, continued to grow and highlights the success being achieved by many regional manufacturing businesses.

The Personal Tax Centre (PTC) in Newcastle has helped to drive the firm’s expansion locally.

The PTC provides tax compliance, advisory andother services to some of the UK’s leading financial institutions and their customers.

EY’s North East Assurance practice has secured a number of key client audit wins in both the corporate and public sector markets, including Sage Group in July 2014.

The Newcastle office is set for further growth through ongoing investment in people and increasing the office space it occupies at Citygate.

Senior Partner at EY in the North East, Mark Hatton, said: “Our strong performance in the North East, which was in line with our market-leading growth in the UK during FY14, was underpinned by continued investment in our people, expansion across our service lines – including a number of new client wins, and the growth of our national Personal Tax Centre.

“Entrepreneurial businesses in the North East are targeting opportunities around the world as their markets improve.

“Our ability to collaborate internationally has given us significant competitive advantage in helping our regional clients to expand across borders.

“The business performance we have achieved this year has been mirrored in the investment we are making in our people, both in the North East and nationally, from our school leavers and graduates through to our partners.

“The North East 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 UK economy.

“Through investing in our North East practice to support the ambitions of our clients and the communities we work in, we remain committed to helping the region thrive.”