Core Viewpoint - EY has appointed Ben Morphet as the new financial services leader for the Midlands in the UK, succeeding Martina Neary, who has transitioned to a broader leadership role within the UK and Ireland financial services sector [1][2]. Group 1: Leadership Transition - Ben Morphet has been with EY since 2004 and has 18 years of experience in financial services, focusing on audit and assurance for large life insurance groups, general insurers, and pension schemes [2][3]. - Martina Neary expressed confidence in Morphet's ability to lead the financial services team, highlighting his instrumental role in the team's growth and commitment to the Midlands [2]. Group 2: Responsibilities and Goals - In his new role, Morphet will focus on expanding the regional financial services team and enhancing EY's offerings for companies in the Midlands [1][3]. - Morphet emphasized the importance of the Midlands in the UK financial services landscape, noting its diverse mix of established institutions and fast-growing businesses, as well as a strong talent pool from leading universities [4]. Group 3: Service Offerings - The financial services team under Morphet will provide a range of services including assurance, tax, technology, and business and risk consulting to clients in banking, capital markets, insurance, and wealth and asset management [3].

Company Overview - Intertek Group reported total revenue of £3.4 billion, an increase of 4.3% at constant currency and 1.1% at actual rates, with operating profit at constant rates rising 9.3% to £620 million [6] - The company achieved diluted EPS of 253.5 pence, reflecting a 10.1% increase at constant rates and 5.4% at actual rates [6][7] - The operating margin improved to 18.1%, up 90 basis points year-on-year at constant currency, with cash conversion at 110% [7] Segment Performance - **World of Energy**: Revenue decreased to £729 million, down 1.3% from 2024, with operating profit at £63 million, down 15%. The company anticipates low single-digit like-for-like growth in 2026 [1] - **Industry & Infrastructure**: Revenue increased to £858 million, up 5.3%, with operating profit rising 24% to £95 million. Management expects mid-single-digit like-for-like growth in 2026 [2] - **Health & Safety**: Revenue rose to £347 million, up 5.5%, with operating profit increasing 2% to £45 million. The company expects low single-digit like-for-like growth in 2026 [3] - **Corporate Insurance**: Revenue increased to £514 million, up 6.8%, with operating profit at £116 million, up 3%. The company anticipates high single-digit like-for-like growth in 2026 [4] - **Consumer Products**: Revenue reached £983 million, up 6.2%, with operating profit rising 11% to £299 million. Management expects mid-single-digit like-for-like growth in 2026 [4] Cash Flow and Financial Guidance - Adjusted cash from operations was £762 million, down from a peak in 2024, with adjusted free cash flow at £352 million due to lower cash generation and increased costs [5] - Financial guidance for 2026 includes net finance costs of £71 million to £72 million, an effective tax rate of 25.5% to 26.5%, and CapEx of £150 million to £160 million [17] Strategic Initiatives - The company has completed seven acquisitions in recent years, with acquired businesses delivering an aggregate 34% margin in 2025 [12] - Management highlighted ongoing restructuring efforts, with annual savings from restructuring programs projected at £8 million in 2026 [11] - Intertek launched SupplyTek in 2025 to assist clients in assessing supply chain options amid changing economic conditions [15] Market Outlook - Management expects mid-single-digit like-for-like revenue growth in 2026, alongside further margin progression and strong cash generation [9] - The company reported 5.4% like-for-like growth in China in 2025, maintaining a diversified portfolio across business lines [14]

Core Insights - Richey May has acquired Wagner, Kaplan, Duys & Wood (WKDW), a tax and advisory firm based in Rockville, Maryland, with the financial terms of the deal undisclosed [1] - The acquisition is part of Richey May's strategy to build a national platform by integrating regional and specialist practices, focusing on specialization, technology-enabled delivery, and a "people-first culture" [2] - WKDW clients will continue to work with their existing teams while gaining access to Richey May's broader resources and technical capabilities [2] Company Overview - Richey May, founded in 1985, offers services including audit, assurance, business advisory, cybersecurity, tax, and technology [3] - The company specializes in sectors such as mortgage banking, alternative investments, real estate, construction, and media [4] Advisory Insights - WKDW was advised on the transaction by Koltin Consulting Group, with CEO Allan D. Koltin highlighting WKDW as a leading CPA and advisory firm in the greater DC market [3] - The combination of WKDW and Richey May is expected to provide significant strategic advantages and growth opportunities for both firms, with expectations of further high-performing firms merging with Richey May in the future [3]

Core Insights - MGI Worldwide has welcomed MGI Ryan, a Dublin-based accountancy firm, as a new member in the UK and Ireland region, enhancing its global network [1][5] - MGI Ryan has been operational since 1933, offering a range of services including assurance, audit, taxation, corporate finance, business development, and corporate recovery [1] - The firm serves a diverse clientele, including local businesses and international companies that may not receive adequate services from larger accounting firms [1] Company Strategy - MGI Ryan's managing partner, Derek Ryan, emphasized that joining MGI Worldwide is a strategic move to meet modern professional service needs, allowing the firm to provide expertise globally [2] - The membership facilitates collaboration among MGI members, aligning with MGI Ryan's firm ethos and enhancing service offerings to clients [2][3] Commitment to Global Network - MGI Ryan is dedicated to actively participating in the MGI Worldwide community, engaging in international conferences and events to foster connections and share ideas [3] - The adoption of the MGI prefix is intended to enhance the firm's visibility and credibility, signaling its association with a respected global brand [3][4] Competitive Advantage - The affiliation with MGI Worldwide strengthens MGI Ryan's credibility in competing for cross-border work, reassuring multinational clients of consistent standards while maintaining local independence [4]