The 14% growth in revenue was driven mainly by the energy and water sector which translated to a pre-tax profit of around £39m, 6% up on 2022, but significantly down on the five-year average.

Arup warned it had seen a slowdown in the rate of converting new opportunities to contracted project work, and growing delays in collecting cash from clients, reflective of the tighter commercial environment.

This saw year-end net cash fall back £72m to 235m.

As a result, Arup slowed headcount growth to keep costs in line with revenue with staff numbers now just below 19,000, compared to around 14,000 five years ago.

Chairman Alan Belfield said: “Beyond our top-line performance, our energy and water businesses both delivered solid growth, allowing us to continue to scale and broaden the work we undertake for many of our clients directly engaged with the climate crisis.

“Our energy revenue grew 22% during the year, while our water business grew by 11%.

“Both businesses are firmly focused on the future, working with clients to accelerate the global clean energy transition and, in the case of water, strengthening the long-term strategic planning of of the water industry and supporting the resilience of the communities it serves.”

The Americas was the only market where revenue remained static.

Global profit share among staff slipped to £133m slightly down from the previous year’s peak of £143m.