06 Nov 2017 | 09.44 am
Double Digit Growth Continues For EY Ireland
Irish FY17 revenue grew by 12% to €247m, outstripping group’s global performance
06 Nov 2017 | 09.44 am
EY Ireland recorded double-digit growth for the fourth consecutive year in the 12 months to June 2017. The professional services firm saw fee income growth of 12% to €247m in FY17.
The firm’s Irish operations beat EY’s UK practice in fee income growth, the latter recording an improvement of €9% to £2.35bn in financial 2017. Globally, EY reported annual revenues of $31.4bn, a 7.8% increase.
Commenting on the Irish performance, Mike McKerr (pictured), country managing partner, EY Ireland, said that the double-digit growth demonstrated EY’s momentum in the market.
“The growth we achieved in FY17 is down to the significant investment we have made in new technologies, and – most importantly – our people, who are spearheading transformation and best-in-class client service across a variety of industries,” he continued.
EY Ireland’s advisory and consultancy practice recorded FY17 growth of 41%, which the firm puts down to significant client demand in the areas of business transformation, process improvement, digital strategy, and people and organisational change.
Within assurance, investment in FIDS (fraud investigation and dispute services) and data analytics in recent years also led to growth of 37% for EY Ireland.
Corporate tax grew by 12% as a result of continued investment in high-growth areas such transfer pricing and R&D, EY Ireland explains.
It adds that, driven by the current international environment, an increasing number of clients are seeking to rebuild sustainable tax strategies, as well as dealing with higher levels of tax controversy around historic arrangements.
“With a marked increase in the demand for our services of assurance, tax and consulting from clients across the three sectors of banking, insurance, and wealth and asset management, we have delivered significant growth again this year,” said Eoin McManus, managing partner, EY financial services, Ireland.
“This growth has been driven by strong client demand around accounting change (IFRS9), GDPR, cyber security and Solvency II, as well as growing significant market share in the aviation finance sector due to the audit of new lessors.”
EY Ireland currently employs around 2,380 people, including a recent intake of 248 graduates, which is a 14% increase in the firm’s headcount. FY17 also saw the appointment of eight new partners, bringing the total number across the island of Ireland to 68.
Operating seven offices across Ireland, EY is planning to move to a larger premises in Galway in December, as well as undertaking a €3m refurbishment of its Cork city centre office.
In Dublin, the firm is setting up a new collaborative office in Iconic Offices’ Greenway development on St Stephen’s Green, while EY’s Waterford office will expand into an additional floor in early 2018.
Mike McKerr acknowledged that Brexit, along with other economic and regulatory considerations, will bring challenges for EY Ireland’s clients this year, adding that digital disruption will remain a prominent theme.
“The resilience of Irish businesses is remarkable, and we will further build on our focus to deliver exceptional client service to an expanding base of clients across Ireland in the face of continued political and economic uncertainty,” he concluded.