EY’s Irish division earns €166m

The Irish arm of global professional services giant, EY has reported revenues of €166m for its latest financial year — representing growth of over 17%.

The company, formerly known as Ernst & Young, has now posted 35% revenue growth over the course of the past three years, despite the effects of the recession continuing to be felt across many sectors of the economy.

Mike McKerr, EY Ireland’s managing partner, said the firm’s recent growth shows that EY is winning in the Irish market and its investment strategy is paying dividends.

“We continue to reinforce the recovery of our brand in the market, outgrow the competition and play our part in creating the jobs that Ireland needs, as it emerges from the recession,” he said.

“Critical to our market- leading growth in Ireland, is our global strength, together with deep local connections in each of our offices in Ireland.

“Our ability to collaborate internationally has given us significant competitive advantage in helping our multinational and entrepreneurial clients expand across borders,” Mr McKerr added.

The 17.3% growth for the 12 months to the end of June follows growth in the previous year of 9% for EY Ireland.

For the last year, EY posted global revenues of $27.4bn (€22bn), marking a near 7% annualised increase.

In its latest fiscal year, EY Ireland saw significant growth across all of its service lines. Audit and other assurance services grew by 16% to €113m, while tax advisory and other non-audit services grew by 21% to €53m.

The company also grew its employee base by over 19%, creating 245 new jobs in the 12 months under review.

EY said that the upcoming budget could mark a turning point and the end of the austerity era; although it warned that finding the right balance of savings and cuts will prove challenging.

“Government must avoid damaging consumer confidence and continue to focus on the job creation measures that will accelerate recovery,” said Mr McKerr.