Hill Dickinson PEP Rockets 27%, But Insurance Disposal Shrinks Revenue
Turnover at the remaining part of the business grew by 10%.
August 01, 2019 at 07:42 AM
2 minute read
Peter Jackson, CEO, Hill Dickinson
Hill Dickinson's profits and profit per equity partner (PEP) grew significantly in the last financial year, its latest results have revealed, but the firm's revenue shrank following the sale of its insurance business.
PEP shot up by 27% to hit £370,000, while the firm's operating profits rose by 20% to reach £16.8 million.
Revenue shrank 6.6% to £90.5 million following the disposal of its insurance arm to Keoghs last year. Turnover at the remaining part of the business grew by 10%, the firm's CEO Peter Jackson told Legal Week.
"The fact that we have already made up a significant proportion of the turnover gap created by the sale of our insurance group in 2017 to Keoghs, and that profits are already running at materially higher levels, feels particularly significant," Jackson added in a statement.
According to the firm, it saw record growth of 32% in its health sector across the year, with key client wins including NHS Commercial Solutions and European medical cannabis company EMMAC Life Sciences.
Other client wins and panel reappointments this year include the Crown Commercial Service and telecommunications infrastructure provider Axione.
The firm's net cash position also grew to £7.6 million at year end, up from being £600,000 in debt the previous year.
Jackson was reappointed as the firm's managing partner in October for a four-year term.
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