As the firm continues gradual growth, DAC Beachcroft increased turnover to £202m, a 2% increase on last year’s £200m. Profit before tax was up £3m to £35m, a 9% rise on last year’s figures, with profit before tax per member rising 21% to £358,000.
DAC Beachcroft managing partner David Pollitt told Legal Business growth had come from the firm’s corporate and real estate divisions, and progress had been made internationally.
At the half-year point in December the firm had unveiled a 2% rise in 2015/16 revenues to £100.8m, while overall net debt fell by £4.7m (17%) year-on-year.
Pollitt (pictured) said the firm will continue to strengthen its core practice areas and will take a more meticulous approach the transactions it does.
He said: ‘We can do more work on improving the profit and the PEP of our business and that’s going to involve us continuing to take a further look at the work that we do. The reason that our revenue is flat is that we’ve seen growth in some areas and other areas we’ve turned back the dial a little bit. We’re making sure we’re moving the value of our business upwards. I hope our results show people in the market place that we are getting stronger.’
The firm saw a shake-up of its management last year with the first new executive team since the merger of Davies Arnold Cooper and Beachcroft in October 2011.
The firm promoted 12 to partnership this year, with two in London. The promotions were made across claims solutions, global insurance, corporate and commercial and clinical risk. The firm made two fewer promotions this year than last when it made up 15 partners.
Growth has been modest across most firms that have posted financial results so far this year, with Clyde & Co and Osborne Clarke posting exceptional revenue results. Turnover at Clyde & Co jumped 13% to £447.3m on last year’s £395m while profit per equity partner (PEP) climbed to £665,000. At Osborne Clarke, revenues were up by 23% from €191.6m to €236.3m.
madeleine.farman@legalease.co.uk
