• Swindon & Wiltshire Professional services
• Tuesday November 7 2023
• Author Name: Peter Davison

EY continues strong growth in South West, as UK revenues hit record high of £3.8 billion

Big Four accountancy firm 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 £3.76 billion from £3.23 billion the previous year.

The firm says its performance has been underpinned by long term investments in people, audit quality and technology. Distributable profits before tax remained broadly flat at £659 million.

The Bristol office appointed four new partners – Eleri James, Rob Williams, Artyom Shlenkin and Marcus Graham – and promoted 61 of its people as the business continues to expand to meet client demand.

Over the course of the year, EY’s mergers and acquisitions team in the South West helped to seal transactions for Unity5, Troy and StarTraq.

The Bristol tax team were involved in a number of high-profile local transactions which included advising Troy (UK) Limited and its shareholders on their investment from BGF which completed in June, as well as supporting the LDC Bristol office on their investments into TMC Pharma and Idwal Marine Services.

Karen Kirkwood, office managing partner for EY in the South West, said: “This has been another record year of growth for EY and I’m incredibly proud of the role the South West has played in the firm’s overall success.

“Over the last financial year, we have continued to make significant investments in our Bristol team, which includes a range of promotions as well as the hiring, training and development of the next generation of financial professionals.

“The investments we’ve made in the business mean we are well placed to support the evolving needs of clients across the South West, whilst also supporting the long-term growth of the firm.”

Nationally, 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 eight 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 $1.4 billion 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 team in the South West of England has contributed to the firm’s strong growth in FY23, making significant investments in the market. The firm hired 42 talented graduates and school leavers in its Bristol office, across assurance, tax, consulting and other business areas.