South: EY UK revenues up 8.6% to £1.87b

EY, the professional services firm providing audit, tax, transaction and advisory services, has reported turnover growth of 8.6% to £1.868 billion for the year ending June 27, 2014, up from £1.721b in the previous year. Distributable profits increased 12% from £368 million to £412m. Globally the firm reported revenues of $27.4b for the same period – 6.8% growth over the previous financial year in local-currency terms.

Steve Varley, EY’s UK chairman, said: “Critical to EY’s market-leading growth in the UK is our global strength together with deep local connections in each of our 21 offices in the UK.  Our ability to collaborate internationally has given us significant competitive advantage in helping our clients expand across borders.  Our commitment to a long-term investment strategy in the UK, especially through the recession, continues to pay off. Looking forward, even though there is a degree of political uncertainty in the UK, I do feel positive about the health of the economy and the opportunity this gives businesses to grow. At EY, our global strategy means we have exciting times ahead and I am confident that this strategy will help us help our clients grow in the UK and internationally.”

EY in Reading and Southampton

Regional highlights:

• In July 2014, Tony McCartney was appointed senior partner in EY’s Southampton office, and Geraint Davies joined the firm as an audit partner in Southampton.
• The Reading office saw four new partners in FY14: Zoe Ingrey (tax), Kersty Beaumont (IT risk and assurance), Baldeep Singh (pensions assurance) and San Gunapala (assurance).
• Current Olympic champion and British kayak athlete, Ed McKeever, joined EY’s audit practice in Reading after a successful placement through Athletes in Career Transition (ACT).
• EY now employs nearly 103 people in Southampton and 500 people in Reading. EY’s Reading office has seen a growth of 26% on the previous year.
• The firm continues to invest in its people, with over 250 internal promotions across all service lines and has welcomed 228 new joiners in Reading and Southampton over the past year.
• EY welcomed 21 summer interns to the Reading office and six summer interns to the Southampton office for a six-week programme over the summer.
• In September 2014, the firm employed 46 graduates in Reading and Southampton.
• The three winners of EY’s London & South Entrepreneur of the Year programme from the South West will go on to compete at the national final on October 6, 2014. (Bullitt Group, accesso and overall London and South Entrepreneur of the Year winner, Westcoast.)

Neil Hutt, EY’s senior partner in Reading, commented: “Our strong performance across the Thames Valley and south coast, which was aligned with EY’s UK-wide performance during FY14, was underpinned by continued investment in our people and expansion across our service lines – including the growth of our Tax Centre of Excellence in Reading.

“EY’s tax practice in Reading has grown considerably over the past few months and now consists of over 200 people, creating a Centre of Excellence in the south of England and one of the largest tax practices in the Thames Valley.”

McCartney, EY’s senior partner in Southampton, commented: “In particular, our ability to collaborate internationally has given us significant competitive advantage. Entrepreneurial businesses in the region are targeting opportunities around the world as their markets improve and we are helping clients to expand across borders.

“EY now employs over 600 people across the Thames Valley and Solent region and has seen over 250 internal promotions across all our service lines. Our regional leadership team in Southampton has also been strengthened with the promotion of Geraint Davies as audit partner.”

Hutt said: “EY is also working in partnership with Athletes in Career Transition (ACT) to discover potential candidates for future employment at EY and we’re delighted to welcome Ed McKeever, current Olympic Champion and British kayak athlete to our audit practice in Reading after a successful placement through ACT.”

McCartney concluded: “The Thames Valley and south coast is a strategically important market for EY and the wider UK, and represents a real growth opportunity for our business as the region focuses on its contribution to rebalancing the economy."

Hutt concluded: “Through investing in our practices to support the ambitions of our clients and the communities we work in, we remain committed to helping the region thrive and ensuring EY continues to grow in these markets over the coming years.”

Investing in people
Strong business growth has also enabled EY to invest heavily in its people, with a record 68 new equity partners announced earlier this year.  This month, the firm also welcomed over 750 graduates and 100 school leavers into its offices across the UK, as well as opening its doors to over 700 undergraduates during the year for internship and work experience programmes.

Varley commented: “The business performance we have achieved this year has been mirrored in the investment we are making in our people, from our school leavers and graduates through to our partners.  I am particularly proud of our 39 new internal partner admissions within the business and see it as a testament of the strong talent pipeline we are nurturing at every level.  The leadership and mentoring schemes for our high-performing women and black and minority ethnic staff continue to accelerate the careers of those with highest potential. We also continue to promote a flexible working culture across the firm for all our people.”

Investing in young people and social entrepreneurs
One of the proudest achievements for the firm this year has been the launch of the EY Foundation - a new UK charity which aims to help young people find alternative routes into employment and education and to support social entrepreneurs and start-ups. Under the guidance of an independent board of directors, chaired by Patrick Dunne and through collaboration with the wider business community, charities and the public sector, the EY Foundation is aiming to affect social change focused on education, employment and enterprise.

Varley said: “The charity builds on the success of EY’s existing programmes for young people and entrepreneurs in the UK to give talent better access to the working world, which in turn will give business better access to diverse talent.”