The Press and Journal (Inverness, Highlands, and Islands)
Revenue up at accountancy and business services giant
Accountancy and business services giant EY saw its revenue grow by 5% in Scotland and 2.7% in the UK during its financial year to the end of this June.
The firm’s total UK fee income rose from £2.35 billion to £2.41bn.
EY increased its UK workforce to more than 14,500 across 23 offices, including 1,000 staff in Scotland. The company has an international network spanning 150 countries, employing 260,000 people.
Across its UK service lines, tax grew by 7.3%, advisory by 3.8% and transaction advisory services were up by 1.5%.
Assurance growth fell slightly, by 1.7% while audit grew by 4%. Financial services grew by more than 7%.
In Scotland, the firm recruited 67 university graduates and 16 school leavers and hired a total of 117 new staff to its offices.
Mark Harvey, EY senior partner, Scotland, said: “For the 10th successive year our practice in Scotland has recorded yet another year of growth and this is largely due to our continued investment in our people who live in Scotland and work with Scottish clients.
“Having this presence of talented advisors in the market has allowed us to enhance our relationships, knowledge and expertise to the benefit of our clients.
“The positive financial performance has been supported by the efforts of our transactions team by consistently delivering on deals for clients with an increasing number from the mid-market space in addition to big corporates.”
Westerton said it was “surprised and disappointed” by the court ruling and that it was seeking further legal advice.
The dispute centres on the wording of a contract, signed in 2012, under which Edge agreed to develop a downhole cutting tool for Westerton.
When Edge Energy advertised a tool which it claimed was in several parts “identical” or “substantially the same”, Westerton took legal action, claiming Edge had breached the terms of the original contract
A spokesman for Westerton said: “The ruling makes a mockery of contract protections when paying a third party to develop tools.”
Edge Energy has been contacted for comment.
“Makes a mockery of contract protections”