Ernst & Young posts fastest revenue growth in seven years as income jumps to £2bn

 
Caitlin Morrison
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EY boss Steve Varley said the UK economy is growing healthier (Source: Getty)

Ernst & Young saw its fastest revenue growth since 2008 last year, with global revenues up 11.6 per cent to $28.7bn (£19bn).

The professional services group announced today that it also grew fee income by eight per cent in the year to 3 July, up to £2bn from £1.87bn, while profits grew by six per cent to £437m from £412m.

Its largest industry sector – financial services – delivered its seventh consecutive year of growth, and EY said a highlight of the past 12 months was the “re-entry to the top end of UK banking audits” with its appointment as auditor to RBS.

“Combined with other appointments, this means that the banking assurance business will double in size,” the firm said.

The company also recruited over 4,500 people over the year, and added a record 95 new equity partners to its UK partnership, which reduces the average profit per partner to £700,000, down from £727,000 in 2014.

EY's UK chairman Steve Varley said the results made him “very positive about the health of the UK economy”.

“Improved market conditions have provided us with a great platform to further accelerate our investment in the business,” he said. “We are seeing an increased demand from our clients for our services to help them drive growth and trade in both the UK and internationally.”

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