Trowers profit figures tumbled by £10m in 2012-13, LLP accounts show
Trowers & Hamlins' operating profit fell by £10m during 2012-13 to £18.8m, according to accounts filed with Companies House. The firm's operating profit margins dropped from 36% to 24%, with the firm citing its move to new City headquarters at Bunhill Row as the main reason for the declining figure.
December 11, 2013 at 12:55 PM
2 minute read
Trowers & Hamlins' operating profit fell by £10m during 2012-13 to £18.8m, according to accounts filed with Companies House.
The firm's operating profit margins dropped from 36% to 24%, with the firm citing its move to new City headquarters at Moorgate as the main reason for the declining figure.
Profit available for division among the firm's members fell by £10m during the financial year to £16.1m. Turnover decreased by 3.6% to £78.2m, which the firm put down to "difficult prevailing economic conditions in the UK and overseas."
The firm's bank overdraft increased to £3.7m at the end of 2012-13, from £202,000 in the previous year. Its cash reserves fell to £1.8m from £9.4m.
The firm said in the report that net debt increased on the back of the cost of fitting out its new headquarters and further investment in its IT system.
The firm's top earner pocketed £411,000 during 2012-13, marking a 17% decrease on the previous year when they took home £496,800.
The accounts also show that the firm paid out £28.6m in salaries to its 527 staff during 2012-13.
Earlier this summer the firm reported a 3.1% drop in revenue to 78.3m, while profit per equity partner fell by 14.2% to £307m.
Those at the top end of the equity earned £412,000, down by 17% on £496,000, while those at the bottom saw salaries fall by the same percentage from £198,000 to £165,000.
The UK arm's net profit meanwhile fell from £20.1m last year to £15.8m, marking a 21% drop in figures.
The firm last year appointed former head of private equity Jennie Gubbins (pictured) as its senior partner, succeeding Jonathan Adlington. She stepped into the role earlier this year in April.
The firm had budgeted for 5% revenue growth for 2012-13, with a longer-term strategy looking towards gaining a third of business internationally, a third from the public sector and another third from the private sector in the UK.
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