Barlows posts 17% turnover hike as profits continue to recover
Barlow Lyde & Gilbert has announced a 17% increase in revenues and a 35% jump in profits for the 2010-11 financial year. Profits at the firm rose to £22.7m from £16.8m in 2009-10, while revenues grew by 17% to £94.5m from last year's figure of £80.8m. The results mark a notable turnaround from 2009-10, when turnover fell 6.2%. Profits per equity partner increased by around 3% last year to reach £300,000.
May 16, 2011 at 05:41 AM
2 minute read
Barlow Lyde & Gilbert has announced a 17% increase in revenues and a 35% jump in profits for the 2010-11 financial year.
Profits at the firm rose to £22.7m from £16.8m in 2009-10, while revenues grew by 17% to £94.5m from last year's figure of £80.8m.
The results mark a notable turnaround from 2009-10, when turnover fell 6.2%. Profits per equity partner increased by around 3% last year to reach £300,000 after falling by 10% in 2008-09.
The improved results are partly attributable to last year's acquisition of Halliwells' Manchester insurance arm, with the group hitting its target of around £14m in turnover for the 10 months since the takeover.
Barlows' limited liability partnership (LLP) accounts, filed on Companies House earlier this year, showed that the firm expected to see an annual revenue increase of £17m as a direct result of taking on "the majority of partners, staff and business of the insurance group of Halliwells" in July 2010.
The results are consistent with Barlows' half-year figures, which saw the firm post a 17% increase in H1 turnover to £44.5m for the first half of 2010-11.
Barlows' chief executive David Jabbari (pictured) said: "The indications at the half year showed that we were on course to have a solid 2010-11, so I'm pleased that the hard work everyone has put in over the last 12 months has carried through to the year end."
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