Growth in FY21 was driven by the resurgence of the M&A market, which saw net sales in the firm’s deal advisory practice increase by 31% to £357m. Demand from private sector clients for digital transformation services drove a 13% increase in net sales in the consulting practice to £646m.

The firm’s audit practice saw fee income increase by 5% to £634m, while its tax and legal division delivered strong growth of 8% with net sales reaching £402m.

This marks a solid recovery at the Big Four firm which has been shaken by a number of scandals over the year including the departure of its chairman Bill Michael in February 2021.