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EY Scotland outgrows UK as tech booms
Mark Harvey: record year for tech
EY’s business in Scotland outgrew the UK operations of the practice over the last year following a record year of investment in technology.
The Scottish division grew by 11% in the year to the end of June against a 9.2% growth in fee income across the UK.
It is the largest professional services firm in Scotland with more than 1,000 staff and 35 partners in four offices. There were 300 promotions 299 recruits during the period.
Mark Harvey, EY Senior Partner in Scotland, said: “”It has been a record year of tech investment across the firm and this will continue into FY18. More and more Scottish organisations are investing in their digital capabilities.
“Our business has managed to deliver strong results despite economic uncertainty demonstrating the value of our global strategy combined with local knowledge and insight.
“We work with the greatest businesses in Scotland from start-ups, family firms, entrepreneurial businesses to the largest listed companies and we take great pride in building strong, trusted relationships with our clients.”
He said the firm has increased the gender diversity of the leadership team to the highest on record.
Almost a third (31%) of the partnership in Scotland is female with three key areas led by women – Laura Mair, head of tax, Sue Dawe, head of financial services and Cara Heaney, head of global mobility.
Seven new partners are: Cara Heaney, Caroline Mercer, Philip Milne, Aidan O’Carroll, Ally Scott, Lesley Stubberfield and Mike Timmins.
In November the firm moves to offices in the Exchange district giving it a 26% increase in floor space, allowing for further growth.
UK fee income growth rose to £2.35 billion against £2.15bn in the previous year. Distributable profits before tax increased by 2.7% from £452m to £464m. Average distributable profit per partner increased by 2.3% to £677,000, compared to £662,000 in 2016.
Steve Varley, UK Chairman, said: “This is a strong performance, particularly in an environment where Brexit and other geopolitical events have added a new dimension to doing business in the UK. We’ve seen growth across all of our service lines, sectors and our main offices across the UK.
“Our success this year is the result of a long-term global strategy. We have invested in new technologies and our people, as clients turn to us for more innovative products and services and adapt to domestic and global economic trends.”
Globally, EY reported annual revenues of $31.4bn, a 7.8% increase over the previous year.