As EY Partners prepared to vote on whether to separate the company into two businesses, they banked an extra £800,000 in average distributed profit; over and above their annual salary (an increase of over £50k on the previous financial year.
The accounting giant achieved revenue growth across all of its service lines in the UK. Consulting grew by 33%, followed by Tax, Assurance and Strategy and Transactions which generated growth of 15%, 11%, and 10% respectively. EY has also seen strong demand across all its industry sectors with stand-out performances from Consumer Products (26.4% growth), Private Equity (26.1%), Energy (21.3%) and Financial Services (13.6%).
Hywel Ball, EY UK Chair comments: “This has been a record year of growth in the UK, driven by the long-term investments we’ve made in our business and strong client demand. The decisions we’ve made in recent years, whether that’s continuing to recruit during the pandemic, expanding the Partnership, or the significant financial investments we’ve made in acquisitions and new technologies, have underpinned the extraordinary growth we’ve seen this financial year. These results also demonstrate the strength and resilience that we will continue to bring to navigating the current turbulent economic environment successfully.
“With companies facing a convergence of challenges, from climate change and the pandemic to economic uncertainty and shifting consumer habits, we’re investing in the talent, skills and services needed to help our clients transform, grow and build trust with their stakeholders.
“Over the last financial year alone we’ve recruited over 5,500 people across all parts of our business, with 37% of roles based outside of London, and appointed 120 new equity Partners. We’ve expanded our range of services in areas including technology consultancy and sustainability through acquisitions and the launch of EY Carbon. Plus, we’ve invested over $1bn globally in audit quality, supported by a refreshed investment strategy here in the UK.
“Our legacy as a single organisation has been exceptional and we’re in a strong period of growth for our business. I’m proud that, against this backdrop, we are taking the opportunity to review the shape of our business in the UK and globally to ensure we’re well positioned to build on this success into the future.”
