DAC Beachcroft (DACB) has notched its sixth consecutive year of turnover and profit growth, the firm’s latest financial results show, while also announcing that managing partner David Pollitt has secured a second term at the helm following an uncontested leadership election.
Revenue at the firm grew 6% to £258m, up from £243m last year, while profit before tax increased 7% to £56m. Profit per equity partner also grew, up a modest 3% to £590,000. Meanwhile, the firm improved its net cash position to £8m, having put in place ‘significant liquidity retention measures in response to the Covid-19 crisis’.
For Pollitt (pictured), the results will be the icing on the cake following his unchallenged leadership election, which will see his second term officially begin 1 November and last five years. Commented Pollitt: ‘Our results reflect, at the group level, yet another year of consistent improvement. I am very pleased we were able to end the year strongly, particularly given the impacts of Covid-19 which started to take hold in the final quarter.
We have taken steps to grow and nurture our business with a view to future-proofing it and making it as resilient as possible – for the benefit of our clients, our colleagues, and our communities.’
Since being first elected in November 2015, Pollitt has overseen an expansive period for the firm. In 2019, DACB lured a five-partner City insurance team from Norton Rose Fulbright while also launching in Paris. Meanwhile, in January of this year, the firm doubled its Madrid presence after securing a tie-up with three-partner insurance boutique Asjusa .
Despite the gnaw of economic uncertainty caused by Covid-19, Pollitt remains committed to international expansion and investment, heralding the firm as ‘financially and operationally resilient as possible, and we anticipate that these efforts will hold us in good stead in the current, straitened times.’
thomas.alan@legalbusiness.co.uk
For more on DAC Beachcroft’s turnaround, read last year’s management interview with David Pollitt and Virginia Clegg – ‘The DAC Interview – Close to the rocks’
