EY's North East operations strengthened by Sage Group audit win

The accountancy and professional services firm reported a strong year across its multinational business

Mark Hatton, EY's senior partner in the North East
Mark Hatton, EY's senior partner in the North East

Accountancy multinational EY has grown turnover by 8% to £1.868bn in its most recent financial year.

The professional services giant said the performance of its North East operations was strong, and broadly in line with the rest of the company.

Growth was driven by key contract wins including that of its Assurance division to provide audit services to Sage Group.

In the 12 months to June 27, EY grew turnover from £1.721bn to £1.868bn and also increased distributable profits by 12% from £368m to £412m.

EY’s North East anticipates further growth which has so far been helped by the firm’s Personal Tax Centre (PTC) which provides tax compliance, advisory and other services to financial institutions and their customers.

The firm further strengthened its North East Tax practice by promoting Craig Cumpson to executive director, and hiring senior managers Matt Sharpe and Paul Hindson.

Mark Hatton, senior partner at EY in the North East, said: “Our strong performance in the North East, which was in line with our market-leading growth in the UK during FY14, was underpinned by continued investment in our people, expansion across our service lines – including a number of new client wins, and the growth of our national Personal Tax Centre.

“Entrepreneurial businesses in the North East are targeting opportunities around the world as their markets improve. Our ability to collaborate internationally has given us significant competitive advantage in helping our regional clients to expand across borders.

“The business performance we have achieved this year has been mirrored in the investment we are making in our people, both in the North East and nationally, from our school leavers and graduates through to our partners.

“The North East is a strategically important market for EY and represents a real growth opportunity for our business as the region focuses on its contribution to rebalancing the UK economy. Through investing in our North East practice to support the ambitions of our clients and the communities we work in, we remain committed to helping the region thrive.”

Globally the firm reported revenues of US$27.4bn for the same period, 6.8% growth over the previous financial year in local currency terms.

Average distributable profit per partner increased to £727,000, up 11.7%, from £651,000 in 2013.

Journalists

David Whetstone
Culture Editor
Graeme Whitfield
Business Editor
Mark Douglas
Newcastle United Editor
Stuart Rayner
Sports Writer