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‘A rollercoaster ride’: Addleshaw Goddard reports mixed financial performance after turbulent year

UK firm Addleshaw Goddard has reported £198m in revenue for 2016/17, a 2% fall from the figure announced last year.

However, while the figure represents a drop on 2015/16’s reported revenues of £202m, a spokesperson for the firm said this sum included an uplift for income from conditional fee arrangements. Actual revenue last year was £194m, meaning underlying growth in real terms of 2% to this year’s top line.

The 2016/17 figure excludes income from HBJ Gateley, the firm with which Addleshaw merged on 1 June.

The performance came at the end of a year which managing partner John Joyce described to Legal Business as ‘a rollercoaster ride’.

‘Nine months before the end of the year activity took a massive hit following the referendum,’ he added, referring to the results of the UK vote to quit the European Union on 23 June 2016.

‘The year started uncertainly, a shock result, massive drop in activity that took a good 3 months to recover. It’s been a very turbulent year. Fortunately by December activity has picked up massively and remained strong.’

Over 70% of the firm’s income came from financial services, real estate, retail and consumer, energy and utilities, industrials, transport, digital, health and life sciences.

The firm advised Lloyds Banking Group on the £1.9bn buyout of credit card provider MBNA from Bank of America, National Grid on the sale of its UK Gas Distribution Business with an enterprise value of approximately £13.8bn.

It also acted on the £2.8bn refinancing of Clarion Group and the £3.4bn refinance of London & Quadrant Housing Trust on its merger with East Thames housing group – the Social Housing sectors largest ever deals.

The firm also secured appointments at BT, Capita, the Department of Transport’s inaugural Rail panel, Diageo, Crown Commercial Services, Manchester Airport Group and Standard Life Investments Real Estate panel.

The combination with HBJ will strengthen the firm’s operations in financial services and real estate, adding offices in Edinburgh, Glasgow and Aberdeen.