The growth was a result of ‘continued momentum in new business’ and strong progress on strategic priorities, which included a rebrand from Tilney Smith & Williamson in mid 2022. The firm has also invested heavily in digital services and IT operations.

In terms of profitability, the firm reported £184.3m in adjusted EBITDA, which reflected the cash profitability of the business – a slight decrease on the prior year from £188.4m.

The drop in profitability was ‘principally due to the impact of weaker markets’ as well as continued investment in people to support future growth.

Over the year, headcount increased by 11.2% to 3,600. In addition, average partners earnings for 2022 were £134,116 per year.