Wednesday 18 September 2019

EY says Irish fee income rose 28pc in year to June 30

Irish presence: Daniel Mackey and Peter Coppinger of Teamwork.com, winners of the recent EY Entrepreneur Of The Year award
Irish presence: Daniel Mackey and Peter Coppinger of Teamwork.com, winners of the recent EY Entrepreneur Of The Year award
Donal O'Donovan

Donal O'Donovan

EY said fee income grew 28pc in the Republic in the year to June 30, to reach €316m. Headcount rose 14pc to 2,245.

Globally, EY reported annual revenues of US$34.8bn for 2018, up 7.4pc on the year in local currency.

In Ireland the accountancy and financial services firm confirmed a fifth consecutive year of double-digit growth.

Irish managing partner Frank O'Keeffe, who was appointed to the post at the start of July, said investment in technology and technology expertise had been a focus for the firm this year.

"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," he said.

"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."

EY operates across four main service lines: assurance, consultancy, tax and transaction advisory services. Strategic investments in the year included the acquisition of DKM Economic Consultants. Brexit has also been a focus.

Eoin MacManus, managing partner, EY Ireland Financial Services, said client firms are moving ahead with plans, despite the lack of clarity on how a final UK exit from the EU will play out. That activity is tipped to ramp up as the March deadline nears, he said.

"While politicians continue their negotiations on a Brexit deal, financial services firms are finalising their plans to relocate," he said.

EY ranks Dublin as the most popular choice for firms relocating from London. "We've seen marked revenue growth associated with supporting financial services firms with Central Bank applications and advice on relocating operations to Ireland," he said.

Irish Independent

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