Brexit and oil price stymie Burness Paull as profit drops 8%

Brexit and oil price stymie Burness Paull as profit drops 8%

Burness Paull has felt the effect of economic and political uncertainty more than most this year, reporting muted growth and an 8% drop in profit as two of its biggest markets struggled.

Revenue at the Scottish independent was up a sluggish 2% to £58.5m for the 2018/19 financial year, while profit fell to £22m from £23.8m. Two of the firm’s biggest markets – oil and gas and commercial property – had a slow first six months, heavily weighing on the result. Continue reading “Brexit and oil price stymie Burness Paull as profit drops 8%”

Profit soars 76% as Irwin Mitchell hits ninth consecutive year of revenue growth

Profit soars 76% as Irwin Mitchell hits ninth consecutive year of revenue growth

Irwin Mitchell has hiked profit 76% to £21.3m in a ninth consecutive year of growth that has also seen 9% added to its top line.

The pace-setting results compare with last year’s slight fall in profit to £12.1m and modest 3% increase in turnover to £241.8m, meaning the firm has added £21.4m to its top line to hit £263.2m in 2018/19. Continue reading “Profit soars 76% as Irwin Mitchell hits ninth consecutive year of revenue growth”

Insurance business sale reduces Hill Dicks revenue 7% as shrinking partnership boosts profit

Insurance business sale reduces Hill Dicks revenue 7% as shrinking partnership boosts profit

Profit and profit per equity partner (PEP) increased at shipping specialists Hill Dickinson last year but revenue dived following the sale of its insurance business to Keoghs.

PEP was up 26% to £370,000 from £294,000 last year, as distributable profits likewise grew 7%, from £15.7m to £16.8m. Turnover, however, saw a contraction of 7% from £96.8m to £90.4m. Continue reading “Insurance business sale reduces Hill Dicks revenue 7% as shrinking partnership boosts profit”

‘Money well spent’: DWF revenue climbs 15% as £20m IPO cost weighs on profit

‘Money well spent’: DWF revenue climbs 15% as £20m IPO cost weighs on profit

DWF chief executive Andrew Leaitherland (pictured) says the £20m cost of its London Stock Exchange listing is ‘money well spent’ after the firm reported double-digit revenue growth and set out its ambitions for further expansion.

The firm said today [31 July] its revenue rose 15% to £272m in the 2018/19 financial year, of which 12.5% was attributable to organic growth. Earnings before interest, tax, depreciation and amortisation rose 9% to £33.6m, but profit after tax fell 42% to £12.2m, impacted by the cost of March’s IPO. Continue reading “‘Money well spent’: DWF revenue climbs 15% as £20m IPO cost weighs on profit”

HFW profits drop 9% as investment costs weigh in ‘tough’ market

HFW profits drop 9% as investment costs weigh in ‘tough’ market

UK top 50 firm HFW has had a tougher year which saw revenues flatline as profits and profit per equity partner (PEP) tumbled 9% and 11% respectively.

Revenue stagnated, dipping slightly to £178.9m, while profits suffered a more severe decrease to £43.3m. PEP fell from £542,000 last year to £481,000 this year. Continue reading “HFW profits drop 9% as investment costs weigh in ‘tough’ market”

Withers’ profit drops as revenue approaches £200m amid Asia and America expansion

Withers’ profit drops as revenue approaches £200m amid Asia and America expansion

UK top 30 firm Withers has seen partner profits fall 12% while its top line passed the £190m mark amid a sharp increase in headcount on the back of international expansion.

Revenue at the private wealth specialist rose 9% to £193.2m in 2018/19 following a modest 1% increase to £176.6m the previous year. But profit per equity partner (PEP) fell back below the £400,000 mark to £354,000. Continue reading “Withers’ profit drops as revenue approaches £200m amid Asia and America expansion”

Challenging Brexit headwinds force City middleweights to look to Europe for growth

Challenging Brexit headwinds force City middleweights to look to Europe for growth

Thomas Alan assesses the early financial results in a tougher year for the UK’s chasing pack

The latest financial results from the UK’s mid-table firms show a more challenging economic environment is producing a lag on growth in the domestic market, as firms look to Europe to continue Brexit-proofing their growth. Continue reading “Challenging Brexit headwinds force City middleweights to look to Europe for growth”

PEP stays flat for Mishcon as revenue growth regains momentum

PEP stays flat for Mishcon as revenue growth regains momentum

Mishcon de Reya has maintained steady revenue growth in its 2018/19 financial results, increasing its top line by 10% to £177.8m, as profit per equity partner (PEP) remained flat.

While the firm saw a greater revenue growth rate than the 8% uptick last year to £161.3m, PEP has failed to keep pace, with the flat result coming off the back of a 9% dip to £1m last year. Continue reading “PEP stays flat for Mishcon as revenue growth regains momentum”

Not about PEP: OC looks long-term after surpassing €300m with 11% revenue growth

Not about PEP: OC looks long-term after surpassing €300m with 11% revenue growth

The leadership at Osborne Clarke (OC) is conscious of any complacency creeping in after more than doubling in size in the last five years.

The firm recorded another year of double-digit growth internationally in 2018/19, up 11% to €304 last year and with non-UK revenue growing slightly to account for 44% of turnover. Growth was a little slower in the UK, up 8% to £150m as net profit rose 3% to £63m. Continue reading “Not about PEP: OC looks long-term after surpassing €300m with 11% revenue growth”

‘Very encouraging’: RPC posts profit growth in shrinking partnership after splitting off consulting business

‘Very encouraging’: RPC posts profit growth in shrinking partnership after splitting off consulting business

RPC has reported revenues of £108.6m for its legal business for 2018/19 after selling half of its management consulting arm.

The firm, which offloaded 50% of RPC Consulting to software company Marriott Sinclair in April 2018, announced today (25 July) that both like-for-like revenue and net profit for its legal arm alone rose 4% in 2018/19. Continue reading “‘Very encouraging’: RPC posts profit growth in shrinking partnership after splitting off consulting business”