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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.