EY continues strong growth in North of England, as UK revenues hit record £3.8bn

EY has achieved a second year of double-digit revenue growth, with UK revenues up 16 per cent and fee income increasing to a record £3.76bn from £3.23bn the previous year.

This market leading performance has been underpinned by long term investments in people, audit quality and technology. Distributable profits before tax remained broadly flat at £659m.

EY achieved strong growth across all of its service lines in the UK. Tax revenues grew by 20 per cent, Consulting 18 per cent, Assurance 17 per cent and Strategy and Transactions by 8 per cent.

EY has also seen strong demand across its industry sectors with stand-out performances from Energy (28 per cent UK revenue growth), Government & Infrastructure (26 per cent), Technology, Media & Telecoms (15 per cent) and Financial Services (12 per cent).

Hywel Ball, EY’s UK Chair, commented: “These impressive results mark a third year of market leading growth in the UK. We’ve achieved record UK revenues whilst also continuing to invest for the future.

“The long-term investments we’ve made in the business have underpinned our growth and position us well to continue this trajectory. This year alone, we’ve appointed a further 267 new Partners, adding over 10 per cent to our total UK Partner population, whilst also making a $1.4bn investment globally in AI.

“Client demand has remained strong, particularly in areas such as technology consulting, tax and audit. Companies have been looking to our deep expertise as they transform their businesses in response to the economic and regulatory environment and development of rapidly emerging technologies.”

EY’s teams in the North of England have contributed to the firm’s strong growth in FY23 and EY has continued to make significant investments in its regional business. EY appointed 19 new Partners across the North of England and hired more than 130 talented graduates and apprentices.

EY’s Manchester office welcomed 69 students, the second-highest number in any of EY’s offices outside of London in 2023, in addition to 34 students in Leeds, 26 in Newcastle and eight in Liverpool. This month, EY also promoted more than 200 of its people across its offices in Manchester, Leeds, Newcastle and Liverpool.

In May, EY announced the acquisition of whyaye ltd, a Newcastle based consulting services provider for the ServiceNow platform, as part of significant ongoing investments in technology consulting services.

By Matthew Neville – Senior Correspondent, Bdaily

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