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Payouts to EY’s UK partners rose 9 per cent to an average of £787,000 in its most recent financial year, despite a slowdown in revenue growth at the Big Four accounting firm.
The increase brings partner pay close to the record £803,000 average payouts from 2023, and is the first rise in two years as the company faced higher costs and a jump in the number of partners.
Revenue growth at the firm slowed to 2 per cent in a “challenging market” on broadly flat fee income of £3.8bn, EY said, down from 3 per cent the previous year.
In the two years before that, when accounting firms enjoyed a boom in demand, revenue growth was 17 and 16 per cent.
The slower growth in the most recent financial year was largely a result of difficulties in EY’s consulting business, which shrank 6 per cent over the year, highlighting a continued slump in demand for advice.
Rival Big Four firms Deloitte and PwC, which reported their results last month, posted declines in consulting revenues of 10 and 3 per cent respectively.
Anna Anthony, EY’s UK & Ireland managing partner, said: “While the economic environment remains unpredictable and challenging, we have a clear strategy to drive our business forward and better support our clients.”
