Newspaper article The Journal (Newcastle, England)

Financial Firm Invests in Growth

Newspaper article The Journal (Newcastle, England)

Financial Firm Invests in Growth

Article excerpt

Byline: COREENA FORD Business writer coreena.ford@reachplc.com @Scoopford

ACCOUNTANCY giant EY has seen growth across the UK and the North East as it invested in more staff and a multi-million-pound refurbishment of its regional office.

EY, which has 19 UK offices including a large presence in the North East at its Newcastle base, has published results for the year ended June 30 showing an increase in UK fee income from PS2.41bn to PS2.45bn amid a challenging environment.

Despite the challenges, revenues in transaction advisory services and tax grew by 9% and 8% respectively, although advisory and assurance revenues declined on previous years by 3% and 5%. Over the last five years, EY has achieved a compound annual growth rate of 6%.

Growth was also seen in the North East, where the Newcastle practice grew its workforce to 669 people - a rise of 15% - amid an PS8m refurbishment of its CityGate offices, renovating 65,000sqft of space across two buildings on St James' Boulevard, leaving space to expand in the future.

The financial year also saw several strategic hires, as well as a change in management for the office.

Mike Scoular relocated to Newcastle from EY's Edinburgh office in October 2018, to head up and grow the North East's Financial Services business.

Six months later he was appointed as the new managing partner for the Newcastle office, taking over from Sandra Thompson who moved to EY's Reading office to work on a number of significant audits.

Richard Lingwood joined the firm from PwC as an associate partner in the audit team, Mark Lee was promoted to tax partner and Harry Hawes became an associate partner. Mr Scoular said: "It's been another good year for EY and one that has seen steady growth both nationally and across the North East. EY's strategy for growth in the regions has seen headcount in Newcastle increase over 15% in the financial year - a figure that continues to grow - and real growth across our financial services business. As the office continues to grow, we are increasingly becoming a UK hub for personal tax services. …

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