| The Finance Dublin Accountancy Survey 2024 |
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| Key Findings: |
1. EY is the new leader by Republic of Ireland fee income and becomes the first firm to exceed €600 million. EY’s growth across the past three surveys has seen the firm not only surge to the top of the rankings but also put clear daylight between itself and the rest of the Big Four. This is the first time that EY has been ranked as Ireland’s largest accountancy firm by fee income in the 36 year history of the Survey.
2. For the second year in a row all of the Big Four have changed places – last year’s leader KPMG has slipped into second place. Long-time survey No.1 PwC, who lost top slot in last year’s survey when it ranked fourth, has moved ahead of Deloitte, by Finance Dublin estimates, into third place this year. Deloitte’s latest figures (for its FY ending 30th June 2024) are due to be confirmed by the end of September.
3. For the first time all of the ‘Big Four’ have recorded fee income above €500 million. The only firm to have broken this level before was KPMG in last year’s survey.
4. The overall increase in fee income is 14.7%, although down on last year’s very strong rate of 17%. All but one firm recorded fee income growth this year while only one of the Big Four firms enjoyed growth above the average rate. Overall, the long term strong growth pattern of Ireland’s accountancy market continues, at a pace well in advance of the rest of the economy in the past year.
5. Last year’s growth leaders, Grant Thornton, enjoyed another strong year while its closest rival, BDO, saw a slight dip in fee income. This has allowed Forvis Mazars, which was created through the merger of Mazars (with 2023 global revenues of €2.8bn) and its smaller rival Forvis (with 2023 global revenue of €1.6bn), to close the gap on sixth position in the Irish market. Other name changes this year include PKF Brenson Lawlor (it was formerly JPA Brenson Lawlor) and Roberts Nathan which is now Baker Tilly Ireland following its acquisition by Baker Tilly’s UK affiliate MHA.
6. A newcomer to the Survey this year is Xeinadin, an active consolidator in both the Irish and UK markets in recent years, and it goes straight into the Top 10. With a presence in the Irish market since 2019 the UK-headquartered firm rebranded nine Irish firms it has acquired to date (Quintas; BCC; Crowley McCarthy; Tynan Dillon; O’Mahony Donnelly; Cregans; Colleran; O’Brien Neenan; and Liam Burns) under the Xeinadin brand earlier this year.
7. The merger of Azets and PKF O’Connor Leddy Holmes is the first tie-up between Top 20 firms since 2015 (when Grant Thornton and RSM Farrell Grant Sparks merged under the Grant Thornton name). The merger forms part of a wider shake-up of the mid market through consolidation being driven by Private Equity-backed investors, including Azets and Xeinadin. RSM Ireland and Moore Ireland have both been acquired in recent times by their UK-based affiliates in PE-backed deals.
8. Fee income growth was strong across all tiers in the survey, however Top 20 growth (14.7%) outpaced Top 10 growth (13.6%). The Big Four’s share of total fee income remains steady at c.76%. The Top 10 firms account for just over 93.9% of total fee income (2023: 94.8%).
9. Leading firms recruitment activity has remained strong with Forvis Mazars reporting the largest percentage increase in staff levels amongst the top 10, increasing headcount by 19.8% in 2023 to just over 700 staff. During the year EY grew employment levels by 4.9%, bringing its total over 4,000, PwC grew headcount by 5.9% while Grant Thornton swelled its ranks to 2,500 employees, with growth of 9% for 2023. Future planned recruitment levels remain strong across all tiers. |
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