PricewaterhouseCoopers, the UK's largest accountancy firm, has revealed a marginal increase in fee income for 2009, propped up by 100m earned through its work at collapsed bank Lehmans.

The firm said turnover for the year to 30 June 2009 was 2.25bn, up 0.5% on the previous year's 2.24bn, while profit also increased by 3m to 667m.

But average profit per partner fell by 3% to 777,000.

Ian Powell, PwC's UK chairman, said: 'This year has been one of general economic turmoil and against this backdrop our results represent a solid financial performance as we held our nerve and stayed close to the market and our clients.'

Assurance services turnover fell 1% to 861m, tax services dropped 25m to 650m, while the firm's advisory business grew 5% to 737m, fuelled by restructuring work.

Powell said that the firm had not been forced to make any staff or partners redundant, with the only job cuts coming late last year when 200 staff took voluntary pay-offs. Other staff have been re-deployed in the firm.

He said that the firm's board had taken the decision last August to maintain investment in its people and 'hold its nerve' during the recession. The firm has committed to maintain its graduate recruitment plan.

Powell, who took over at the helm in July last year, saw his share of the firm's profit hit 3.3m, a 10% increase on the share taken by his predecessor Kieran Poynter.

Last month, Big Four rival Deloitte revealed gross revenues for its financial year to end May 2009 fell 2% to 1.97bn, with profit per partner falling 7.5% to 883,000.