Nabarro, Hill Dicks and Gateley all post 2013-14 profit increases
Nabarro, Hill Dickinson and Gateley have become the latest firms to post figures for the 2013-14 financial year, with all three revealing increases in profit for the year.
July 02, 2014 at 08:56 AM
2 minute read
Nabarro, Hill Dickinson and Gateley have become the latest firms to post figures for the 2013-14 financial year, with all three revealing increases in profit for the year.
Nabarro, which expects profits per equity partner (PEP) rise 10.5% to £475,000, posted broadly flat turnover, up 0.3% from 2012-13 to £116.7m.
The firm said preliminary figures suggest net profits also grew 8% to £34.1m in 2013-14, a year which saw office launches in both Dubai and Manchester.
"This has been a positive year for Nabarro," commented senior partner Graham Stedman. "We have made important investment decisions to support long term growth of the firm in line with our strategy to increase our international work and invest in our key sectors."
Nabarro said it had retained its overdraft-free status.
Meanwhile, Gateley's profits were up nearly 50% to £24.3m in a year which saw average full equity partner numbers at the firm rise from 63 to 72.
PEP increased nearly 10% to £288,000, while revenue at the firm rose from £66m to £71.7m, an 8% gain, the bulk of which came from corporate practice earnings of £42.5m. Gateley's finance and dispute practices accounted for £14.5m and £15.2m respectively.
The turnover gain beats a prediction made by senior partner Michael Ward (pictured) in December that Gateley was on course to increase revenue by around 5% for 2013-14,
The firm made seven lateral hires in the year, all of which were in the UK. This year's results follow on from a strong 2012-13 for the firm, in which PEP rose 22% and revenue was up 7%.
Elsewhere, Hill Dickinson has revealed its PEP was up from £264,000 to £272,000 this financial year, a 3% rise, whilst overall profit gained slightly, from £16.9m to £17.1m.
Earlier this year, the firm said unaudited accounts for 2013-14 showed flat revenue, which has now been revised to show a slight dip of 1%, from £112.8m to £111.6m.
The equity earnings ranged from £350,000 at the top, to £140,000 at the bottom.
Managing partner Peter Jackson said: "Our international business has certainly had an impact, especially in Monaco. Singapore and Piraeus both continue to deliver strong performances and have been profitable for many years."
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