The strong performance was driven by organic growth with fee income up from $4.7bn (£3.7bn) the previous year. The network has increased revenue by nearly 30% since 2020 despite significant volatility in global markets over the period and the fallout from the pandemic.

Among the larger markets in 2023 with more than 15% growth were the UK with strong results from top 20 accountancy firm MHA and law firm Freeths, and the US, driven by the extensive network of Baker Tilly branded firms.

Europe was the fastest-growing region at 17% in US dollar terms, followed by Latin America (16%), North America (11%) and Asia-Pacific (3%).

All service lines had double-digit growth with advisory the strongest sector with 12.3% growth, bucking the general decline in demand for M&A related work, followed by tax at 12% and assurance and accounting at 10%. The smallest service line, legal services grew by 16%, highlighting the opportunities for a multi-disciplinary network like Baker Tilly.

Francesca Lagerberg, CEO of Baker Tilly International, said: ‘Double-digit, like-for-like revenue growth, with only a modest increase in headcount and in such a volatile market, is an incredible achievement and I am grateful for the hard work of all of our 43,000 people who made it possible.

‘Breaking through the $5bn barrier only four years after achieving $4bn in revenues demonstrates that this is a network with real ambition and drive.

‘Winning the 2023 Accounting Network of the Year award confirmed what a distinctive and vibrant brand Baker Tilly has become internationally. Our strength, resilience and expertise have never been more important for our clients as we help them navigate these uncertain times in many parts of the world.

‘We look forward to another successful year in 2024 with great expectations and confidence in our renewed strategy and purpose, as well as our broad multi-disciplinary offering across all our service lines. It promises to be an exciting next 12 months.’

Headcount rose by 4.5% globally to 43,000 with 3,380 partners worldwide. The proportion of female partners in the network reached an all-time high of 24.4% by the end of 2023.

Baker Tilly International is ranked ninth globally in terms of network revenue and has 658 offices in 141 territories.