Camerons: turnover rises but profit drops

CMS Cameron McKenna has kicked off the financial reporting season by announcing a slight rise in turnover alongside a 15 per cent drop in its average profit per equity partner (PEP) figure. Camerons, the first top-20 firm to release its figures for the 2008-09 financial year, saw its revenues increase from £235.5m to £240m. However, its profit fell to £72m, causing PEP to tumble to £554,000. The results were in stark contrast to last year’s figures when turnover rose by 15 per cent and PEP rocketed by 30 per cent to a firm record of £650,000. Managing partner Duncan Weston declared the firm’s performance over the last year “very reasonable” given the economic climate, adding: “It’s no surprise that profits are down, but our cash collections have improved year on year, which we’re particularly pleased with.”