CMS Cameron McKenna has seen its profits suffer a double-digit drop for the second year running after announcing its results to partners.
Profits per equity partner (PEP) at the firm have fallen 18 per cent to £453,000 in 2009-10, after standing at £554,000 last year. That figure was 15 per cent down on 2007-08’s £655,000, meaning partners have seen PEP fall more than £200,000 in two years.
Turnover was down 11 per cent this year, falling from £240m to £214m. Last year, the firm posted a small rise after revenue increased from £235m.
The number of equity partners has dropped by just two in the past 12 months, from 127 to 125.
The news comes after Camerons announced its plans to set up a full-service outsourcing centre with Integreon to provide a complete range of business support functions (14 May 2010). The £600m deal is expected to cut the cost of support services for the firm once it goes live in the autumn.
Readers' comments (6)
Anonymous | 31-May-2010 10:43 am
Duncan has done so much with so little. Great salesman, no delivery
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Anonymous | 1-Jun-2010 10:05 am
Camerons is looking increasingly sub-scale in the chasing pack and could do with a merger if it doesn't want to get left behind.
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brave | 1-Jun-2010 10:08 am
A brave decision by Duncan to outsource the whole of practice support when there also seems to be a major problem at the revenue line. Most people would concentrate on stabilising that but he's gone and stirred things up elsewhere as well. Costs won't fall this year as flex is no longer in place, and redunancies and recruitment costs will almost flow through as support look for new roles in the face of uncertainty. Hope he's got his sums right on income (although he didn't in 2010 did he?). Very brave!
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Anonymous | 1-Jun-2010 10:34 pm
Poor poor lads/lassies ONLY £453k!!!! Told no bonus today and might not have a job in October!! Makes me wanna vomit!!!!!! Exactly who benefitted from the Flex. Definately NOT Business Services!!!!!!
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Anonymous | 2-Jun-2010 11:09 am
Camerons is fast becoming a sinking ship. Staff morale is rock bottom after a year of redunancies and flex and now this ill thought out out-sourcing. Management have completely lost touch with the main asset of the firm - the people. No wonder profits are falling.
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Anonymous | 2-Jun-2010 11:10 pm
Person shouts, "Man Overboard".
Reply comes back "Don't worry Cameron's is sinking, I'll take me chances".
Leave the armbands for Duncan and the rest of his merry crew!!!
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