The strong performance follows a record level of investment made by the firm, with more than £130m invested into new hires and technology as part of its long-term strategy to grow the business after it came under pressure over a number of high profile audit scandals.

KPMG delivered double digit growth for the second consecutive year, seeing a 16% rise in revenue from £2.35bn to £2.72bn, with profit before tax increasing from £436m to £449m.

Partner earnings averaged £757,000, up from £688,000 in 2021, although this was significantly lower than some of the record payouts made to other Big Four partners. The firm has 786 partners and appointed 129 new partners in the last year.

Jon Holt, chief executive of KPMG UK, said: ‘Our three-year strategy, focused on investing for the long-term, is delivering. We’re going in a way that enables us to invest for the future, meet client demand, strengthen our multi-disciplinary services and recognise our people.

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