Maclay Murray & Spens reduced its net debt by more than 80% during the last financial year, according to the firm's latest limited liability partnership (LLP) filings.

During 2009-10 the big four Scots firm saw net debt come down from £3.4m to £547,000 by the firm's year end of 31 May, according to the filings with Companies House.

Cash at the bank and in hand increased to £935,000, up from £199,000 the previous year.

Maclays chief executive Magnus Swanson (pictured) commented: "The financial results demonstrate that as a £50m business our profitability is starting to recover and in these recessionary times we are trading on a cash-positive basis. Our cash position in the year improved by over £2.8m.

"Most importantly, although we have been forced to restructure to a degree, we have managed the business to make sure that we are in the right shape to move forward."

Over the year the firm saw the size of its partnership reduce by 11%, down to 65 from 73 the previous year.

This reduction saw average profit split across the partnership increase by almost 17% to £230,000, up from £197,000, against a 4.7% drop in revenue to £52.3m.

The firm's total fee earner headcount dropped by 7% to 267, while total administrative and support employees dropped by 9% to 433. As a result, employee costs, excluding members, reduced by 13% to £20.3m.

In July the firm reported that partner profits had risen 20.5% from last year's figure of £220,000 to £265,000. This figure accounts for the firm's full equity partnership, which sits at around 50 members.

According to the LLP the firm's highest-paid member took home £345,000, up 26% on last year's figure of £274,000.