Dublin, 2 November 2018: EY today announces fee income growth of 28% in the Republic of Ireland (‘ROI’) to €316 million for financial year to 30 June 2018 (‘FY18’), up from €247 million in FY17, with 14% growth in headcount to 2,245 employees for the same period. Globally, EY reported annual revenues of US$34.8 billion for FY18, a 7.4% increase over financial year 2017 revenues in local currency.
For the fifth consecutive year, EY reports double-digit growth, with strong performance across all four service lines: Assurance, Consultancy, Tax and Transaction Advisory Services. EY also announced 520 new jobs earlier this year, as the firm continues to invest heavily in talent, technology and real estate to cater for future growth and the expanding needs of its clients.
Frank O'Keefe, Country Managing Partner, EY Ireland commented: "We are redefining how we use technology across both our traditional and new services. We made a number of key hires in emerging technology in Ireland in FY18, building on the strength of our now 130-strong data analytics and technology team. As part of our innovation drive, we will continue to focus on areas like financial services, cyber, risk management, managed services, software, digital tax and digital audit, and we anticipate a significant increase in the number of people we employ in these areas in Ireland over the next two years.”
Within EY’s Consultancy (Advisory) practice, strategic investment in people and technologies yielded strong results in FY18, supported by a number of major client wins across the firm’s Performance Improvement and Risk practices.
Performance in Transaction Advisory Services was driven by a solid pipeline over the course of the financial year. A number of strategic investments have also contributed to this growth, including the acquisition of DKM Economic Consultants, bolstering the firm’s unique Economic Advisory team, and complementing the existing Government & Infrastructure offering.
The firm’s core Audit (Assurance) practice continues to perform strongly, in line with previous years, driven by a number of key wins in the plc, private middle market and government sectors, and differential investment in innovative growth areas such as Data Analytics and the Global Statutory Reporting Centre of Excellence.
“To continue providing long-term value, our Assurance business is innovating the delivery of the audit process. The regulatory landscape continues to increase in complexity. As a major Irish employer and key provider of audit and assurance services, we never lose sight of the importance of quality in the delivery of our audit services and our public interest responsibilities. We have engaged positively with IAASA, our new regulator of Public Interest Entities, investing time and insight in response to their public consultations as well as ongoing engagement throughout the year.” Frank O’Keeffe continued.
Tax growth is attributable to client needs arising from continuing changes to the international tax landscape. The firm continues to invest significantly in tax technology to support the growing demands on clients grappling with disruption in tax compliance, changes to global trade, legislative change, and Brexit planning.
“Disruption of the tax profession is not coming from a start-up or an app, rather from tax authorities investing in technology and capabilities allowing them to examine data in new ways, leading to demands for more data, more quickly, to the same levels of accuracy. We’ve just launched our cutting-edge Connected Tax offering that uses a combination of data management, visual analytics, AI and robotics. Connected Tax will fundamentally change how we deliver tax compliance and reporting services to help our clients respond to immediate demands, with the flexibility to facilitate ongoing change” said Frank O’Keeffe.
Eoin MacManus, Managing Partner, EY Ireland Financial Services commented: “We have delivered double-digit growth again this year as a result of client demand around Accounting Change (IFRS9), GDPR, Aviation Finance, Structured Finance and Brexit Advisory. While politicians continue their negotiations on a Brexit deal, FS firms are finalising their plans to relocate. Our most recent Brexit Tracker shows Dublin as the most popular choice for relocation, and we’ve seen marked revenue growth associated with supporting FS firms with Central Bank applications and advising them relocating their operations to Ireland. This activity will ramp up as we edge closer to the March deadline. Over the next year, we see our business continuing to perform strongly as we gear up to advise our FS clients on further Accounting Change (IFRS17 & IBOR), Digital Transformation, Operational Excellence and Brexit.”
Attracting and developing talent
As of the end of September 2018, EY employs 2,803 people across the island of Ireland, including a recent intake of 305 graduates, representing an 18% increase in headcount since this time last year. In addition, FY18 saw the appointment of 10 new Partners. To accommodate this growth in headcount, EY continues to invest in work spaces, opening three refurbished offices this year in Cork, Waterford and Galway.
Frank O’Keeffe concluded: “We’re also investing in upskilling our people to meet the changing demands of our clients. Talent is one of our biggest priorities, and I would say talent is possibly the number one issue on the majority of CEOs’ minds today. We are very proud of the inclusive culture we’ve built at EY. However, it is crucial that we remain relentlessly focused on building on this culture as client demands evolve and we bring together the best talent and latest technology to drive truly transformative innovation in all our services. Our purpose of Building a Better Working World has helped us along that path, as we deliver exceptional service to our clients and value to our people.”