This surge in revenues, primarily driven by strong markets in the initial half of the year, led to widespread growth across its advisory and audit sectors. Consequently, equity partners have each earned an average of £1.1 million in profits.

However, a discernible “softening of growth” was observed during the second half of the year, pushing clients towards spending caution, resulting in revenue growth nearing 9%.

Distributable operating profit witnessed a 6% rise to £756m, sustaining the average profit per equity partner close to £1.1m, marking the third consecutive year of surpassing the £1m threshold. This increment follows an additional boost from the previous year’s sale of Deloitte’s UK restructuring business to Teneo.

Richard Houston

Richard Houston, Deloitte senior partner and CEO, said: “Our people and partners have worked incredibly hard to deliver another strong year, amid a complex and changing economic landscape.

“Our performance in the first half of the year was strong and, despite some softening of growth in the second half, we saw significant demand across all our services and industry groups, particularly in Financial Services, Energy and Resources and Public Sector.

“We’ve made significant investments in our people with over £360m into reward, promotions and learning.

“Plus we’ve continued our long-term commitment to digital as an enabler of growth, with £120m invested in technologies to improve quality, client service and our hybrid working experience.”

Despite the flourishing figures, the firm is contemplating job cuts, affecting approximately 800 jobs within its UK sector, amounting to around 3% of its 27,000-strong workforce. Mr Houston iterated that such recalibrations were essential, attributing them to the prevailing challenging markets.

Globally, Deloitte has achieved a record-breaking 14.9% increase in global revenue, totalling $64.9bn (around £53bn), surpassing its big four rivals. The firm has amplified its market presence, notably in climate change and cybersecurity advisory, maintaining more than half of its revenue from the Americas.

In the UK, the consulting arm grew by 11%, with the financial services and the government and public services sectors reflecting substantial growth. The audit and assurance arm swelled by 20%.

Mr Houston concluded: “Looking ahead, the UK faces a challenging year, with ongoing cost of living concerns, slow economic growth, rising geopolitical tensions and the climate crisis.

“We’re in a unique position to provide the advice, support and insights necessary to help businesses in the UK navigate these immediate headwinds and consider longer term prospects for future inclusive growth.

“With over 27,000 people across all regions and nations, we are confident in our ability to make a positive impact on the economy and on the communities where we operate, investing in our people and the services needed to provide the skills and insights for organisations to transform, build resilience and find opportunities to power future growth.”