EY sets ambitious Mids revenue target as profits rise
Financial services firm EY, which operates an 800-strong practice in Birmingham, has upped its average profit per partner to more than £720,000 after posting an 8.7 per cent rise in UK revenue to £1.87bn. The Big Four firm said it had now set itself an ambitious growth plan to almost double revenues in the Midlands by 2020.
In the year to 27 June 2014, EY, which reported growth across its audit, tax, transaction and advisory services divisions in the UK, posted a 12 per cent increase in distributable profits from £368m to £412m. Average distributable profit per partner increased to £727,000, up from £651,000 in 2013.
Globally the firm reported revenues of .4bn for the same period – a 6.8 per cent growth over the previous financial year in local currency terms.
EY won some major new client in the Midlands this year, including Dignity, Biffa, GKN and the National Exhibition Centre.
Midlands senior partner Sara Fowler said: "Our strong performance in the Midlands was underpinned by continued investment in our people and expansion across our service lines.
"In 2010, we set ourselves a growth strategy in the Midlands to increase our revenue and we're delighted to have achieved this target last year. We've now set ourselves an ambitious growth plan to nearly double our revenue by 2020.
"In particular, our ability to collaborate internationally has given us significant competitive advantage in the market. Entrepreneurial businesses in the Midlands are targeting opportunities around the world as their markets improve and we are helping clients to expand across borders."