Accountancy giant, KPMG has said that it has recorded an impressive growth of 27 per cent to £455 million that resulted in a rise in pay packages for its advisers.

The company said that the average pay for the 583 UK partners increased 23 per cent to £713,000 and the total staff bonus rose 20 per cent to £73 million during the one year period till 30 September, 2013. KPMG is in the first of the three years of turnaround plan aimed at reviving its business.

The pay package for UK chairman Simon Collins was £2.42 million and has been approved by the partners. The total revenues of the firm increased 0.4% to £1.814 billion. The company's advisory services recorded an increase of 15 per cent to £308 million while revenues for the tax unit fell £1 million to £140 million. Its audit services recorded an increase of 16 per cent in revenues to £178 million.

Mr Collins said, "We have completed the first and toughest year of our three-year transformation plan; getting a sustainable grip on the bottom line. I'm really proud that, as a result, we have generated double-digit growth in profitability, which boosts us from fourth to second of our peer group."