On average partners earned £906,000, down 1.5% on the previous year’s £920,000.

The Big Four firm reported a 14% drop in profit to £1.3bn down from £1.5bn reported in the previous year, although financial year 2022 figures included an one-off gain of £139m from the sale of the group’s global mobility practice. Once this figure is stripped out, profit was only down £60m.

Audit fees increased by 19% to £1.35bn from £1.13bn, largely as a result of major client wins, becoming auditor to NatWest from 2026, and being reappointed by HSBC.

In addition, tax services generated £1.2bn, reflecting strong growth of 19% from the previous year’s £1.01bn.

The strongest growth area was consulting with revenues up 30% to £1.7bn, up from £1.3bn in 2022. This was driven by demand in the Middle East, as clients invested in programmes to modernise and diversify the region’s economy beyond oil.

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