Addleshaw posts strong half year results but faces 'less certainty' in coming six months
Addleshaw Goddard has posted double digit revenue growth for the first half of the financial year, despite suffering a number of prominent departures.
November 20, 2014 at 05:45 AM
2 minute read
Addleshaw Goddard has posted double digit revenue growth for the first half of the financial year, despite suffering a number of prominent departures.
The 11% year on year hike, from £82.5m to £91.8m, was driven by strong performance across the business towards the close of 2013/14, the firm said, with "momentum" continuing through to the first two quarters of 2014/15.
Managing partner John Joyce (pictured) hinted that full-year results may not match half year revenue gains, however, citing "less certainty about market conditions for the second half" of this financial year.
"That said, this is our strongest H1 for a number of years and the commitment and effort of partners and staff across the firm has been the key factor in delivering this" Joyce added.
Addleshaws has suffered a number of significant partner exits over the past twelve months, most recently that of insurance litigation head Richard Leedham, who left for Mishcon de Reya earlier this month.
The firm's full year results for 2013/14, released in June, saw turnover rise 3% year on year to £171.4m, but failing to collect the uplift on a conditional fee agreement in a case involving Russian oligarch Boris Berezovsky contributed to an 11% slide in net profit, down from £44.9m to £39.8m.
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