BLP accounts show profit slump of 32% as bank borrowings and net debt climb
Berwin Leighton Paisner (BLP) has posted a 32% drop in profits for 2012-13, as its net debt increased by £19.8m in the same period. According to accounts filed with Companies House, the firm's operating profit dropped by £25.8m, falling to £55.2m during 2012-13. Profit available for division among members similarly fell by £26m to £52.35m.
January 02, 2014 at 11:12 AM
2 minute read
Berwin Leighton Paisner (BLP) has posted a 32% drop in profits for 2012-13, as its net debt increased by £19.8m in the same period.
According to accounts filed with Companies House, the firm's operating profit dropped by £25.8m, falling to £55.2m during 2012-13. Profit available for division among members also fell by £26m to £52.35m.
The firm's net debt stood at £34.6m, a 134% increase on last year's figure of £14.8m.
The growth in debt came largely on the back of new bank loans totalling £31.1m taken out during the year. The loans took totalling bank borrowing to £45m, a massive 223% hike on the figure of £13.9m at the end of the last financial year.
Cash at bank and in hand rose to £12.4m (£5.3m in 2012), while the firm's bank overdraft was reduced to £371,000 (£4.5m in 2012).
Figures contained in the report also show that revenue fell by 5.7% to £231.9m from £245.85m.The audited figures show the firm's fee income has dipped slightly more than previously reported.
Unaudited figures released by the firm for 2012-13 last year showed revenue of £233m. The firm also disclosed a 40% drop in profit per equity partner, which amounted to £401,000 in 2012-13.
The firm's highest paid member pocketed 25% less in earnings than in 2011-12, taking home £1.2m compared with £1.6m in the previous year.
Meanwhile, the firm's members made capital contributions of £5.6m, down on £6.25m in 2012. During the year, capital repayments totalling £3.26m were made.
The report also reveals that the average number of members grew to 212 during 2012-13, up on the equivalent of 190 in 2011-12.
The audited figures account for the firm's sale of its legal resourcing business to Lawyers on Demand in June 2012, where the firm has retained a 70% interest in share capital and 80% of voting rights.
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