Bevan Brittan and Bond Pearce announce dips in 2009-10 turnover
Bevan Brittan and Bond Pearce are the latest firms just outside the UK top 50 to announce their 2009-10 results. Bond Pearce has seen a modest 2% dip in turnover to £47m compared to £47.5m during the 2008-09 financial year. Meanwhile, the firm expects profits per equity partner (PEP) to increase by approximately 10%.
June 22, 2010 at 01:08 AM
2 minute read
Bevan Brittan and Bond Pearce are the latest firms just outside the UK top 50 to announce their 2009-10 results.
Bond Pearce has seen a modest 2% dip in turnover to £47m compared to £47.5m during the 2008-09 financial year. Meanwhile, the firm expects profits per equity partner (PEP) to increase by approximately 10%.
At Bevan Brittan, turnover dropped by 8.2% from £41.1m to £37.7m at the end of this financial year. Since last financial year, the firm has stopped work in several areas, including acting on interventions for the Law Society and a lot of planning work in the private sector.
However, the national firm saw PEP jump by 43% to its highest-ever point, standing at £286,000 this year, up from £200,000 in 2008-09. The firm attributed this to higher profits as well as fewer partners.
Bevan Brittan chief executive Andrew Manning commented: "Over the past two years, our priority has been to strengthen the balance sheet, increase, then maintain, profitability and focus on our strategic positioning."
He added: "Our balance sheet, relative to our size, is now one of the strongest in the sector and we are particularly pleased with the achievements we have made to reduce the firm's debt and maintain profits at last year's levels in another difficult year."
A number of national firms posted their financial results last week, with Weightmans and HBJ Gately Wareing both seeing increases in revenues for the year, with the former announcing an 8.1% rise in turnover to £56.2m while the latter saw fee income increase by 5.3% to £49.6m.
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