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Burness Paull has awarded a 5 per cent bonus to all its staff after hitting its profit targets following its December merger.
The firm posted an annualised turnover for 2012/13 of £38.7m, a 3.2 per cent increase compared to the combined results of legacy firms Burness and Paull & Williamson (9 October 2012).
Annualised profit was £16.5m, a reduction of 1.6 per cent compared to 2011/12, but the firm said this included one-off costs arising from the merger. Average profit per equity partner (PEP) was £332,000.
The combined firm brought in £25.8m for the eight months of merger and £11m of profit, compared to turnover of £24.3m and PEP of £368,000 for legacy Burness and turnover of £13.1m for legacy Paull & Williamsons.
Firm chairman Philip Rodney said the bonus, which would be given to all “eligible employees”, was designed to help the merger process.
”It was focused on integration, to get everyone pulling together to achieve success for the mergerd firm, so we’d all share in the combined success,” he said.
The bonus will continue to be offered annually if the firm hits its targets.
Legacy Burness previously offered employees 5 per cent bonuses in 2010 (20 August 2010) and 10 per cent in 2011 (10 August 2011). Burness Paull will also run separate bonus schemes for its equity and fixed-share partnerships.
Burness Paull is one of a number of firms to have climbed up the UK 200 ranking tables following a merger this year (12 August 2013).
Check out our Hot 100 video interview with Rodney here.