This year’s UK fee income is slightly ahead of the £384m the firm reported in last year’s annual results, the first to fully reflect the merger the previous year with PKF, but has been dented by a sharp drop in its insolvency and restructuring business.

The recovery in the UK economy hit the restructuring arm of the business, with overall advisory fees, which include insolvency, as well as forensics, valuations, tax investigations and global outsourcing business, down £16.8m to £140.2m. In 2014, advisory accounted for £157m.

The stronger UK economic environment meant a sharp drop in insolvencies and restructuring which cut profitability in this divison, where the downturn was primarily related to the restructuring business, with other streams of the advisory services division growing.