‘Satisfied’ Baker McKenzie adds $200m to top line but market volatility slows growth to a crawl

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‘Satisfied’ Baker McKenzie adds $200m to top line but market volatility slows growth to a crawl

Baker McKenzie grew revenue to $2.92bn while partner profits hit $1.48m as uncertainty made for a more subdued year at the firm.

In constant currency terms revenue grew 4.4% but edged up only 1.2% in dollar terms, and partner profits grew 3% to $1.48m as net income increased 2% to $1bn. The results are markedly more muted than last year’s 10% constant currency growth and 13% hike in partner profits. Continue reading “‘Satisfied’ Baker McKenzie adds $200m to top line but market volatility slows growth to a crawl”

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

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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

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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

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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

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‘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

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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

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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

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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”