ACCOUNTANCY firm Ernst & Young (EY) has reported an 8.6 per cent rise in annual revenues in the UK, and declared that growth at its practice in Scotland was broadly in line with this increase.
Revenues in big four firm EY's UK business came in at £1.87 billion in the year to June 27.
And distributable profits jumped by 12 per cent, from £368 million to £412 million, results published today show.
The firm has offices in Glasgow, Edinburgh, Aberdeen and Inverness. EY said its brand had "enjoyed a boon north of the Border" because of its status as official professional adviser and supporter of the Glasgow 2014 Commonwealth Games, and official partner of the 2014 Ryder Cup.
Jim Bishop, senior partner for Scotland at EY, said: "It's been an eventful year for Scotland, and the fact that EY has played its part is a source of immense professional pride for everyone working across our Scottish offices. The success of the Commonwealth Games and the Ryder Cup exceeded all expectations, while the resolution of the referendum issue and the promise of further powers presents the professional services industry with an array of opportunities."
EY employs around 900 people in Scotland. It declared that this made it Scotland's biggest professional services firm by headcount. A spokesman for EY said more than 50 graduates and school-leavers had joined the practice in the last year.
He also noted the launch of the Smart Futures initiative had seen fifth-year school students receive coaching, mentoring and paid work experience at EY's offices in Glasgow and Edinburgh.
Mr Bishop said: "We will continue to supplement experienced hires by investing in young talent. Schemes such as Smart Futures and our internship programme help us broaden our talent pipeline while giving young people the confidence, awareness and insight needed to succeed in our industry."
Average distributable profit per partner in EY's UK business increased by 11.7 per cent to £727,000 in the year to June.
EY noted that, globally, the firm had reported revenues of $27.4 billion for the year to June. It said this represented growth of 6.8 per cent from the previous financial year, in local currency terms.
Steve Varley, EY's UK chairman, said: "Our commitment to a long-term investment strategy in the UK, especially through the recession, continues to pay off. Looking forward, even though there is a degree of political uncertainty in the UK, I do feel positive about the health of the economy and the opportunity this gives businesses to grow."
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