However assets under management rose 8% to £134bn on the back of improving market conditions.

HL attracted 67,000 new clients over the 12 months, considerably lower than the 233,000 net new clients it brought on in 2021 and lower than the 92,000 it added in 2022.

Active client numbers increased to 1.8m by the end of the year and it said client retention remained stable at more than 92%.

It said pre-tax profits had climbed more than 50% to £402.1m in the 12 months while revenue growth was 26% year-on-year.

New chief executive Dan Olley said: “We have delivered a robust financial performance for our full year in what continues to be a challenging broader economic environment.”

He said there was notable growth in the company’s active savings proposition which attracted record new business of £3.2bn in the year.

Mr Olley took over as boss last month after Chris Hill stepped down as chief executive after six years with the company.

Mr Olley said: "As I begin my CEO tenure, it is clear to me that at its core this is a strong business with fantastic heritage that has significant potential to benefit from the structural, demographic, and regulatory shifts in the UK and the expected growth in the wealth market.”

He said he will be focusing on ensuring the business is set up to capture that growth opportunity. He added: “It is clear that our service and execution must return to the high standards we and our clients expect and deserve.”

Looking ahead he said the current economic climate is likely to remain much the same for the coming financial year, and so will continue impacting investor confidence.