Total fee revenue was £4.83bn, up from £4.29bn in FY22. Distributable operating profit increased by 6% to £756m from £711m, while average profit per equity partner remained broadly flat at £1.06m (2022: £1.05m).

In 2023, the firm also paid out a one-off capital profit of £38m following the sale of Deloitte Total Rewards and Benefits (DTRB) which averaged £53,000 per equity partner.

The UK audit and assurance business was up 20% with £869m in revenue, compared with £723m the previous year, with strong demand across all market sectors. In its second year of being a ring-fenced business, the firm continued to invest in audit quality, people, training and skills.

Tax and legal recorded 9% growth with revenue of £1.2m, up from £1.1m, with strong performance on global tax compliance and work on legal entity management and commercial contract offerings, as well as through helping clients manage their post-pandemic workforces from reward and incentives to immigration and employment law.