Profit before tax rose by 37% to £116m in 2021, on a like-for-like basis, due to strong revenue growth and investment in infrastructure and technology leading to efficiencies in operating costs.

The average profit before tax per member was up 35% at £611,000 (2020: £451,000) marking strong recovery after the pandemic.

Audit fee income was £157m, up 14% on the £137m total from year end 2020, while tax work accounted for £80m in revenue, up from £77m. The strongest growth area was deals and business consulting (advisory) at £134m, up 36% from £98m, while large and complex advisory work revenue was static at £135.9m (2020: £135.5m).

While disruptions caused by the global Covid-19 pandemic continued in 2021, the firm implemented hybrid working and flexible holidays. A recent survey of its people found that the firm’s approach to hybrid working has helped improve people’s productivity and mental wellbeing; and the firm was also recognised as a top 10 employer for working families in 2021, in recognition of its approach to flexible working.

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