Isle of Man firm Cains beat its targets last year, with turnover up seven per cent on budget and profitability rising by four per cent year on year. The firm has a 30 June year-end. Managing director Andrew Corlett adds that Cains is carrying no debt.
The principal development last year for Cains was a restructure. The firm formed a new holding company, which sits atop three operational subsidiaries: legal, fiduciary and accounting. Under a group structure, the three lines have their own management.
Corlett says the restructure was designed to increase the symbiosis between the three businesses but do away with the structure whereby the law firm owned the fiduciary business. He adds that the more corporate structure should enable the three to work together more easily.
The firm has invested in a document management system that provides better storage, search capabilities and scope for using mobile technology. Cains has also upgraded its network infrastructure.
Work through the year included advising Eros International on its delisting from AIM and IPO on the New York stock exchange. Eros, an Indian media company, was the first Manx-incorporated company to list in New York.
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