EY Ireland reports market leading double digit growth for the third consecutive year

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EY Ireland reports market leading double digit growth for the third consecutive year

Revenues of €220 million for Financial Year to 30 June 2016 (‘FY16’) in the Republic of Ireland

EY, the professional services firm providing assurance, tax, transaction and advisory services, has reported fee income growth of 16.2% to €220 million in Financial Year 30 June 2016 (‘FY16’), up from €190 million in FY15. For the same period, the UK practice reported fee income growth of 7% to £2.150 billion with the global organisation reporting revenues of US$29.6 billion, up 9% from the year prior.

Over the last three years, EY Ireland has affirmed its position as one of Ireland’s leading professional services firms, having grown by 16% each year, faster than any of its ‘Big Four’ rivals. EY reported double digit growth across all four of its service lines for the third consecutive year, while its headcount increased by 15%. The firm also promoted or progressed over a third of its workforce in FY16 for the third consecutive year, with 459 people taking the next step in their careers at the firm – a 16% increase on last year.

Mike McKerr, Country Managing Partner, EY Ireland commented: “The market leading growth that we achieved in FY16 has been driven by a continued strong performance across our four service lines in tandem with innovation across our service offerings which has helped our clients navigate continued disruption within their businesses. Posting double digit growth for the third year in a row demonstrates our momentum as a firm and also positions us well to deliver an even stronger performance in FY17.”

Business Performance

EY Ireland’s Audit and other Assurance services reported revenue growth of 11.6% to €147 million in FY16, reflecting the high level of demand from clients.

Mike commented: “While core audit services remain the backbone of our assurance offering, we’re continually enhancing these services as disruption continues to be a key challenge for our clients. This is reflected in the strong growth we have seen across our broader assurance services such as Data Analytics and Fraud Investigation and Dispute Services (FIDS) which grew by more than 30%, while our Global Statutory Reporting Centre also performed strongly. These services have enhanced how we deliver and drive our Assurance business and are a key area of growth for the firm.

The firm’s Transaction Advisory Services (TAS) business also performed strongly, with revenues increasing by 11.5% based on the continuing confidence of indigenous Irish businesses in growth through acquisition and refinancing of facilities.

The growing strength of indigenous funding sources, including the Irish banks, has been supplemented by FDI from overseas investors and companies, which is in turn supporting the growth of Irish companies and businesses. This strong performance has been reflected in our M&A, Transaction Support, Valuations and Business Modelling teams who completed the highest volume of deals in 2015. Meanwhile, our restructuring business continues to work with Irish businesses and overseas investors in challenging capital structures to ensure business models are fit for purpose,” said Mike.

EY’s Tax business experienced revenue growth of 11.6% to €37.8 million which was attributable to a high volume of transactions in the first half of the year, along with growth in the domestic mid-market (,) bolstered by significant investment in the firm’s private client business. EY’s R&D and transfer pricing businesses also continues to perform well following strong client demand.

Within the Advisory team, change continues to be a key focus for EY clients, driven by both the need to control costs and remain competitive, but also to ignite growth and penetrate new markets. The Performance Improvement (PI) division of Advisory, grew by a substantial 73% due to ongoing demand for business transformation, process improvement, digital strategy and people and organisational change.

Eoin MacManus, Head of Financial Services at EY Ireland commented: “Our business, which services the financial services industry, has had another strong year of double digit growth. Fundamental to this achievement has been our EMEIA Financial Services unique structure, which allows us to team across countries and service lines, ensuring our clients receive exceptional service from experts with cross-market experience. Also contributing significantly to our success has been the investment we have made in digital capability, strategy, operations, cyber security and IT, which will continue as we aim to further grow our business in 2017.”

Attracting and developing talent

As of the end of September 2016, EY now employs 2,088 people across the island of Ireland, which includes its recent intake of 253 graduates. Following the announcement of 270 jobs in June of this year, it has already filled 140 of the experienced hire roles and continues to seek the very best talent to work across Ireland’s top entrepreneurial businesses and multinationals in addition to public and private sector clients.

Mike commented: “Our focus on attracting, retaining and motivating our people in an increasingly competitive environment has enabled us to achieve this substantial growth in FY16. We continue to have a leading people culture with a transformational approach to developing talent, as well as creating an environment which promotes diversity and inclusiveness. We firmly believe that this is a key differentiator for EY in the marketplace, and an essential driver of our continued successes in being recognised as one of Ireland’s leading employers”.

As we look towards our Vision 2020 ambitions, we also continue to look out for and recruit the best talent from graduates to Partners, and from all backgrounds and industries so that we can provide our clients with the best service offering which showcases the diversity of our people and their experience.”

EY’s achievements in promoting gender equality and diversity and inclusiveness in the workplace have resulted in the firm being recognised as one of Ireland’s top employers by the Gay & Lesbian Equality Network (GLEN) for two successive years, while the Head of the firm’s LGBT Network “Unity” Catherine Vaughan, was also named Senior Leader of the Year by GLEN just last month.

Article Published: 18/10/2016