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Kent firm Cripps Harries Hall rode out a tough year with a 2.6 per cent dip in revenue, from £19.2m to £18.7m. The firm lost its biggest client, the government-owned Channel Tunnel Rail Link, known as ’High Speed 1’ (HS1), when this was sold off in September. Some of the gap was filled with strong activity from foreign investors in the property sector, but Cripps is unlikely to find a single client of the stature to replace HS1.
Profitability dropped by 6.2 per cent to £5.3m, with an average profit per equity partner of £225,000.
The firm remains prudently managed, with no bank loans. There was no change to headcount last year and similarly no change to the lockstep. Cripps has tight control over its discretionary spend and billing. It beat its 100-day lockup target by one day in 2010-11, with work-in-progress of 27 days and 62 debtor days.