For the first time, EY has pushed Big Four rival KPMG out of the number three slot in the annual Accountancy Top 75 accounting firms survey, hitting annual fee income of £2.01bn while the top 75 firms in the UK generated a record £12.8bn in revenues
Annual fee income at the top 75 firms in the UK topped £12.8bn in 2015, up 7% on 2014 from £11.9bn, as a flurry of mergers and acquisitions strengthened the leading accounting practices.
The healthy economic climate saw fee income rise while the Big Four alone increased combined annual revenues by £800m by nearly 7% accounting for £9.76bn of revenue of the total top 75 in 2015, compared with £9.14bn in 2014.
Within this group, there were two major developments as PwC, the UK’s largest firm, broke through the £3bn barrier for the first time after it saw its income rise by 9.6% to reach £3.083bn.
EY pushed through the £2bn mark this year, succeeding in leapfrogging KPMG to secure third place in the league table for the first time in its history. The firm had been snapping at its rival’s heels for some time but when KPMG unveiled a relatively disappointing 2.6% increase in turnover in its results last December, EY’s new position was confirmed. The firm expects to consolidate this position as new work feeds into its top line.
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