Dentons UKMEA operating profit jumps 34%
Revenue at the firm grew by 3.4% over the year as operating profit reached £38m, £9m more than the previous year
February 05, 2015 at 08:08 AM
2 minute read
Dentons' UK, Middle East and Africa (UKMEA) arm has reported a 34 % rise in operating profit for the year to 30 April 2014, according to accounts field at Companies House.
The results are the first for the firm's UKMEA operations since its three-way merger between SNR Denton, Salans and Fraser Milner Casgrain in March 2013.
The accounts revealed that revenue at the limited liability partnership (LLP) rose by 3.4% to £147m, up from £143m the year before.
The firm also reported operating profit rose to £38m, up from £29m the previous year.
The company attributed the rise in profitability to an increase in revenue and the benefits of the combination of the three firms.
Writing in the accounts, chief executive of UKMEA Matthew Jones said the firm "continued to focus" its "activity through its chosen geographies".
The accounts revealed the entitlement of highest paid member increased substantially to £703,000, up from £564,000.
The average number of fee earners within the LLP over the year fell by 5% to 412, down from 435, while the average number of support staff fell 12% to 435.
The average number of members in the LLP rose 6% to 122, up from 115.
Cash at bank and in hand fell by 19% to £402,000, although the LLP managed to slash its net debt by 21% to £6.9m, down from £8.9m.
Legal Week understands that turnover for the first six-months of the current financial year has risen by a further 6.5% compared to the same time last year.
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