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Investment in tech and people drives EY results

Nov 03
 
Tags: Ernst & Young LLP
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Investment in tech and people drives EY results

EY has unveiled strong results for the year to the end of June 2017, with a 9.2 per cent rise in fee income to £2.35 billion and an overall rise in revenues of 7.8 per cent to US$31.4 billion (£24 billion).

The company said this growth had not happened by chance, but was the result of a record year of investment in tech and extensive new recruitment to expand the firm's base.

EY's UK chairman Steve Varley commented that the year's success was a consequence of the further implementation of the firm's "long-term global strategy".

He stated: "We have invested in new technologies and our people, as clients turn to us for more innovative products and services and adapt to domestic and global economic trends."

Human resources investment included the recruitment of nearly 4,000 people, including 1,500 students. 

Tech investment saw spending on new innovations such as the Capital Allowance Automatic Review Tool, which is designed to do 35 hours of work in just one minute by using machine learning to assign the correct tax codes to clients. 

Another tech investment was in EY Absolute, a cloud-based book-keeping, accounting and tax service. 

Further spending has taken place in emerging areas such as robotics, fintech, cyber, artificial intelligence and audit technologies. 

"It has been a record year of tech investment which will continue into FY18 as we support our clients to transform their businesses. These investments will contribute to growth across all our service lines and sectors," Mr Varley noted. 

EY's advances took place right across all four areas of operations. Transaction advisory services saw the greatest growth at 15.1 per cent to £396 million, assurance was up 11.3 per cent to £689 million, tax services revenue jumped 9.1 per cent to £634 million and the advisory service by 3.8 per cent to £629 million. 

The biggest area, financial services, enjoyed eight per cent growth, taking the expansion of this sector to 30 per cent in three years.

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Image: Poike via iStock

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