Record number of Scots partners
Ernst & Young – UK revenue breaks through £2 billion
A record 13 partners joined in Scotland and there was growth across all service lines and regions. Distributable profit rose 6% to £437 million.
In the year to 3 July it recruited more than 4,500 staff who included 1,275 graduates, 609 undergraduates and 110 school leavers. These investments reduced average distributable profit per partner to £700,000, down 3.7% from £727,000 in 2014.
Globally, the organisation reported annual revenues of $28.7bn – an 11.6% increase over the previous year. This is EY’s fastest growth globally since 2008. Developed market growth was led by the US, UK, Germany, Australia and Italy and the emerging market practices saw revenue growth of 12.3%.
Steve Varley, EY’s UK Chairman, said: “I am very proud of the jobs that we have created this year.
“We have built great momentum in the market and believe that by maintaining this momentum we will continue to retain and attract the best talent to serve our clients.”
Growth in Scotland
EY in Scotland employs 990 people, across offices in Aberdeen, Edinburgh, Glasgow and Inverness, retaining its status as Scotland’s largest accountancy firm by headcount for the fourth consecutive year.
During the year, EY welcomed 270 joiners and celebrated 112 promotions in its Scottish practice. This year so far a record number of 13 partners have been appointed in Scotland.
Mark Harvey (pictured), EY partner and market leader for Scotland, said: “I am feeling very positive about the health of the Scottish economy. Improved market conditions have provided us with a great platform to further accelerate our investment in the business. 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.
“We are on course to realise our ambition of doubling our revenue growth by 2020 (from FY14), resulting in a £200m Scottish business, market leading in four key areas – Oil & Gas, Financial Services, Government and Public Services and the Corporate market.”
The EY Foundation celebrated its first year as an independent UK charity. The Foundation was founded last summer to support disadvantaged young people gain entry into the labour market and education, employment or enterprise: it is just one of the manifestations of EY’s global purpose to build a better working world.
In Scotland, EY Foundation programmes include Smart Futures and Accelerate. Smart Futures helps young people in receipt of free school meals or the first in family to consider attending university. It is designed to connect young people disadvantaged in the labour market with local employers, so that they get the right experience and skills to secure a professional job. Since launching, 46 young people have come through the programme in Scotland.
Accelerate, which helps grow social enterprises, has recently launched in Scotland. The programme made its Scottish debut in Aberdeen with eight Scottish-based social enterprise entrepreneurs (six from the north east and two from Glasgow) securing 12 months of free business support.
Last year, EY staff in Scotland also raised more than £100,000 for Scottish charities and dedicated over 2,500 hours to volunteering activities.