KPMG UK reported revenue growth of 1% to £2.99bn for its 2024 financial year, up from £2.96bn in FY23 when revenue shot up 9%. This year has seen cost cutting measures implemented across the firm to improve profitability. This has seen a massive turnaround with profit before tax up by 11% to £404m. This was a marked improvement on the previous year when the firm reported a 23% drop in pre-tax profit to £364m, but it is important to note profitability has still not returned to FY22 levels.

Average partner pay increased to £816,000 in 2024, up nearly 4% from £786,000 the previous year, with the firm reporting total partner numbers were 837, up four on the previous year.

In terms of service lines, tax and legal fee income was up 9% to £901m [2023: £827m], in response to increased demand for advice on changes to tax law and assessing and implementing advances in AI and new technologies.