Terry Smith, one of the UK’s best-regarded fund managers, was paid more than £16m last year after his investment firm posted double-digit increases in revenues and profits, and fund performance stayed strong.

The bumper pay package, which was up from £12m in 2018, coincided with a 26% increase in profits at Fundsmith. The firm reported profits before tax of £26.4m for the 12 months that ended in March 2019, according to accounts filed at Companies House, while revenues rose 35% to £165.2m.