The firm also expanded its global workforce, adding 13,184 people to bring its total headcount to 406,209.

This year’s growth rate is consistent with last year’s 3.9% increase but remains significantly behind the record 14.2% surge seen in 2023.

The main drivers of growth were the consulting division, where revenue rose by 5.2% to $16.4bn (c. £12.2bn), and the tax practice, with a 5.5% increase to $12.7bn (c. £9.5bn). The assurance business also grew, recording a 3.5% rise to $17.9bn (c. £13.3bn).

However, this was offset by a sluggish performance from EY Parthenon, the firm’s strategy and transactions arm. The division reported flat revenue of $6.2bn (c. £4.6bn) and saw its headcount decrease from 25,483 to 25,036.

A key area of expansion was artificial intelligence, with AI-related consulting revenue jumping by 30%. EY noted that over 15,000 of its staff worked on AI-led client projects.

Janet Truncale, EY’s global chair and chief executive, said the company is focused on “strengthening trust in capital markets” and on “supporting clients with complex tech-enabled transformations”. She added that “the EY All In strategy reinforces its commitment to AI-powered solutions”.

For comparison, rival Deloitte recently posted a 4.8% increase in its global revenue, reaching $70.5bn (c. £52.5bn).