KPMG's partners took home a record £816,000 each last year as the Big Four firm's profitability was boosted by job cuts amid a "challenging market."

Top-ranking professionals working out of the company’s UK offices saw their average pay increase by 4%, or £30,000, compared to 2023, KPMG said in its annual results.

The average partner pay rose to £816,000 and the bonus pit for other members of staff was lifted by 20% following two years of pay freezes.

The group's auditors and advisors pulled in fees of £2.99billion in its most recent financial year, up 1% on the year previous. It's annual profits also rose by 11% to £404million.

KPMG, which has 837 partners working in its UK business, is the smallest of the big four, behind Deloitte, PwC and EY.

Jon Holt, the chief executive of KPMG’s UK business, said: “This is a good performance in challenging market conditions ... While we’ve focused on managing our costs, we have positioned the business for long-term sustainable growth.”

Last year, the firm laid off 200 staff across its UK business in response to a wider downturn in the consulting sector.

FTSE 100

The UK's flagship share index, the FTSE 100, was up 15-points at 8,549 shortly after opening this morning.

Brent crude oil futures were down 0.78%, trading at $76.52 a barrel.

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