National firm DAC Beachcroft has unveiled a 2% rise in 2015/16 half year revenues to £100.8m, while overall net debt fell by £4.7m (17%) year-on-year.
Announced today (14 December) for the six months to 31 October, the firm said revenue ‘stood above budget’ and the results were ‘characterised by ongoing margin improvement and continued progress in the management of working capital, resulting in a strong cash outcome.’
In June the firm announced its full year 2014/15 financials which showed a 3% rise in total billings to £200m up from £194.4m the year before, while the average amount received by equity partners was £307,000 for 2014/15 – up 10% on last year’s £278,000.
Following a period of integration since the merger of Davies Arnold Cooper and Beachcroft in 2011, the firm undertook a defining post-merger management election over the summer, in which real estate partner Virginia Clegg was elected as the firm’s new senior partner while insurance head David Pollitt took the role of managing partner.
The firm also broadened its international reach, opening an office in Miami as it seeks to strengthen its Latin American offering by connecting local insurance clients to the rest of its network. It also entered the alternative business structure market, gaining a licence for its claims solutions business in England and Wales, a move which will allow the firm to bring in outside investment or make non-lawyers partners in the business.
Pollitt said: ‘Our drive for improved profitability is also showing results as is our focus on good business discipline, with lock-up improving significantly.’
‘However, there is plenty more to be done to continue delivering the necessary marginal gains for the remaining six months of the year to help us transform our year-end figures from good to great.’
Other firms to announce half year results this quarter include Nabarro, Allen & Overy, Osborne Clarke, Field Fisher, TLT and Clyde & Co.
sarah.downey@legalease.co.uk
