Fee income was up 7% year on year from £610.4m in 2022, driven by 15% growth in the audit practice, while there was only modest growth in the tax service line. There was zero growth in the advisory practice which reported figures flatlining across deals and business consulting.

Annual profit shot up from £124.0m to £146.2m with the first double digit growth since the bumper 37% hike in profits during the pandemic. Last year the mid-tier firm only reported a 5% rise in pre-tax profit. This year’s profit hike was down to one-off property related income, rather than profitability of key service lines.

The average profit per partner rose 11% to £644,000, up from last year’s £579,000, when profits were squeezed as a result of investment in the firm. Profit for the year available for discretionary division among members totalled £98.9m, up from £76.7m in FY22.

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