Newspaper article The Journal (Newcastle, England)

Accountants' Firm Sees Fee Income Pass PS2bn; FINANCE

Newspaper article The Journal (Newcastle, England)

Accountants' Firm Sees Fee Income Pass PS2bn; FINANCE

Article excerpt


ACCOUNTANCY giant EY has surpassed PS2bn fee income - a level not seen since before the recession.

The professional services multinational, which operates an office from Newcastle's Citygate, reported fee income growth of 8% to PS2.01bn in the year ending July 3. All the firm's UK divisions delivered growth, including audit, trax, transaction and advisory services. Distributable profits increased by 6% from PS412m to PS437m.

EY did not give any breakdown of regional figures but said its North East practice had performed strongly during the year.

In November 2014 the regional practice revealed ambitions to go from a headcount of around 300 to 500 people in two years as it expanded into an additional 11,143 sq ft of space at its Newcastle premises. The target was reached 14 months early in September 2015.

Expansion was led by the Personal Tax Centre which provides tax compliance and tax advisory services for financial institutions and their customers.

Investment in the Government and Public Sector practice included the appointment of director David Smith to lead the GPS Financial Accounting Advisory Services practice across the North East.

Mark Hatton, North East senior partner at EY, said: "Over recent years we've been focused on investing in our core service lines and specialist financial services offering, our infrastructure and our people in the region. This stellar growth in the North East reflects the success of our approach, along with our people's commitment to giving our clients outstanding service, and the North East's status as a great place to recruit good people and do business.

"Our core service lines are growing and our Financial Services practice is going from strength to strength, with the highly regulated and continuously evolving sector presenting new challenges for our clients. …

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