DAC Beachcroft reports revenue growth in first post-merger results
DAC Beachcroft has reported its first post-merger financial results, with revenues at the combined firm growing 2.3% on a like-for-like basis.
June 28, 2012 at 12:12 PM
2 minute read
DAC Beachcroft has reported its first post-merger financial results, with revenues at the combined firm growing 2.3% on a like-for-like basis.
Combined turnover stood at £182.2m in 2011-12, compared with joint turnover of £178.1m across legacy Beachcroft and Davies Arnold Cooper (DAC) in 2010-11.
The merged firm's accounts will show a revenue figure of around £163.2m for 2011-12 as billings from legacy DAC from 1 May 2011 until the merger went live on 31 October will not be included. Similarly, the profit per equity partner (PEP) figure of £321,000 – down on £333,000 at legacy Beachcroft last year – does not include the first six months' of DAC's profits.
DAC Beachcroft senior partner Simon Hodson (pictured) said: "Obviously, when you put two firms together there is a lot of disruption and cost involved, which is why we are slightly shy of our £190m target, but I expect us to be north of this figure next year and PEP to also increase."
The news comes as Charles Russell has also announced its annual financial results, with both revenue and PEP rising. The firm has seen turnover climb 5.6% to £68.1m, up from £64.5m in 2010-11, while PEP has grown 5.3% to reach £280,000, compared with £266,000 last year.
A handful of firms have announced 2011-12 financials over the last week, with Herbert Smith posting a 3% increase in turnover to £480m against a 6% drop in PEP, while Field Fisher Waterhouse posted a 20% drop in PEP to £410,000 alongside a 4% increase in revenues.
In contrast, Mishcon de Reya reported a 19% jump in turnover from £61.5m in 2010-11 to £73.1m against a 22% increase in PEP to £700,000.
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