Camerons posts double-digit drop in both revenue and partner profits
CMS Cameron McKenna has posted a double-digit drop in both profits and revenues for the 2009-10 financial year. The UK top 15 firm has informed its partners that total turnover for the last financial year was £214m, down by 11% from the 2008-09 figure of £240m.
May 28, 2010 at 11:29 AM
2 minute read
CMS Cameron McKenna has posted a double-digit drop in both profits and revenues for the 2009-10 financial year.
The UK top 15 firm has informed its partners that total turnover for the last financial year was £214m, down by 11% from the 2008-09 figure of £240m.
Meanwhile, profits per equity partner (PEP) have been reported to the partnership at £453,000, an 18% decrease from the previous year, when PEP stood at £554,000.
A fall in revenues for the year was expected after Camerons reported a 13% drop in revenues at the half-year point.
The drop-off comes after Camerons reported largely stable revenues last year, with a 2% increase up from £235m to £240m.
However, Camerons' profits have taken a significant hit during the financial downturn after the firm last year reported a 15% decrease from a high of £655,000 in 2007-08. Over the two-year period, PEP has now fallen by a total of £202,000.
The total number of equity partners at the firm has remained largely stable between April 2008 and April 2010, falling by just two from 127 to 125.
Camerons' management was not available for comment.
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