Ernst & Young’s senior partner in Cambridge, Julian Jenkins, outlines the performance of the Cambridge practice.
Ernst & Young’s annual results: Cambridge perspective
“It has been another year of healthy growth and buoyant activity for the firm. Although the spike in activity as a result of IFRS and Sarbanes-Oxley has levelled off, the Business Assurance practice has achieved significant growth.
“Add to this the tax practice’s performance across the region and it is clear that Ernst & Young in Cambridge are driving forward at a pace.
“The last 12 months have also been a busy period for our Transaction Advisory Services (TAS). The Transaction Services team has doubled in size over the last 12 months, and the team now totals 16 people, led by Simon Gillings
“Although the Cambridge marketplace may not entirely escape the pinch of the recent credit crunch, the variety of businesses and funding sources available does mean that the Cambridge economy is more robust than the UK as a whole. Deal activity continues to quicken and having the critical mass and wealth of experience locally will mean that the TAS team will continue to grow from strength to strength, and build on its reputation as a centre of excellence in Cambridge.
“We continue to strengthen our position as a full service practice, and are able to cater for a wide range of businesses from across East Anglia.
“Our people remain central to our success, as they forge long lasting, deep relationships with our clients. Our people are proud to work for Ernst & Young and the culture, working environment and distinctive values we have reflect the number of new employees that have joined the firm, and the successful client wins we have achieved.
“Recognising that we operate in a truly global marketplace, we continue to develop strong ties with Ernst & Young offices around the world, offering inbound and outbound secondment opportunities. This has been particularly successful and beneficial in links into the United States, South Africa, Australia and the emerging economies of India and China.
"A number of our Cambridge-based employees have been involved in secondments overseas where they have developed an in-depth knowledge of different business cultures and built strong links with our global network. The significance of these economies will only increase and secondments to and from these overseas offices will continue to play an important role in the success of our business.
“Our performance has been buoyed by the success of the UK and regional economy. The credit crunch will obviously have dented the confidence of the business community, but overall the economy is in good health and I am confident that it will continue to grow over the next 12 months. The Cambridge economy is supported by a diverse range of businesses from a wide range sectors, from business angels to FTSE 350 plcs. This diversity stands the region in good stead for the future.
“It has been another strong year for Ernst & Young in Cambridge, this is testament to our investment in our business, the quality and commitment of our people and the community in which we operate. The year ahead is set to be an exciting period of growth.”
Ernst & Young is one of the leading professional services firms in the UK, providing integrated, financially based solutions to businesses across a wide variety of sectors. Our services fall under three broad headings – Advisory and Assurance Business Services, Business Assurance, Taxation and Transaction Advisory.
The UK firm employs 8,300 people in 21 offices. For the financial year ending June 30 2005 revenues were £945m. Fee income for the UK firm in the six months to 31 December 2005 grew by 21% on a like for like basis to £511m.
Globally, Ernst & Young member firms operate in 140 countries with more than 107,000 partners and staff. Worldwide revenues for year to 30 June 2005 were US$16.9 billion.
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EY is a global leader in assurance, tax, transaction and advisory services. With over 400 employees in our Cambridge and Luton offices, our teams provide a range of services to a variety of sectors, including manufacturing, life sciences, consumer products and retail, technology, real estate and construction, health, and the public sector. The broad array of companies across the East allows us to bring real, relevant and key insights to our clients.