Dundas & Wilson has posted double-digit drops in its key financial metrics with turnover down 11% and profits per equity partner (PEP) falling 22%.

The Scots firm took in turnover or £48.7m during the 12-month period to 30 April, down on the previous year's figure of £54.5m.

Over the same period, pre-tax profit dropped 21% from £16.2m to £12.8m, and PEP fell to £164,000 from £210,000.

Dundas has undergone much change over the last 12 months, including last summer's election of Allan Wernham (pictured) and Caryn Penley as joint managing partners following the resignation of Donald Shaw, with Laurence Ward appointed as as the firm's new chairman, replacing the outgoing David Hardie.

The firm recently overhauled the way partners pay capital into the firm, bringing in a new two-tier system that sees all partners put in total capital contributions of either £230,000 or £130,000.

A succession of partners have left the firm in recent months, including TMT partner Paul Graham to Field Fisher Waterhouse, restructuring partner Claire Massie to Pinsent Masons and private equity duo Simon Sale and Nadim Meer to Mishcon de Reya.

However, the firm says it has enjoyed a strong start to the new financial year and has exceeded its budgets for May and June.

In a joint statement, Penley and Wernham said: "The firm's financial performance last year was bound to be impacted by the tough decisions we have taken to reshape our business and to build a platform for sustainable growth going forward.

"We are very ambitious and we have a clear view of our business priorities. Accordingly, we will continue to target investment into expanding and diversifying our client base and further developing the business processes, tools and skills that enable us to deliver the highest quality of service and exceptional value for money that clients demand.

"The early indications from adopting this new approach are very positive. Activity levels rose during the financial year, with the firm diversifying its client base and completing a number of major deals, including the sale of national house builder CALA, advising Land Securities on Trinity Leeds – the largest shopping centre to open in Western Europe this year – as well as the $1bn refinancing of the Wood Group.

"Our Aberdeen office, which was opened 12 months ago to exploit the corporate and banking markets in the north east, has seen significant growth. The practice has completed 18 transactions and mandates in its first year."

The results mean Dundas has now seen revenue and PEP fall 35% and 57% respectively since 2007-08, when the firm's headline figures stood at £75m and £385,000.