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Cobbetts posted a net profit of £9.38m in the 2008-09 financial year alongside a 20.6 per cent drop in revenues.
The firm’ LLP accounts have revealed that the firm’s turnover fell from £59.79m to £47.5m while profit fell 44.7 per cent from £16.95m in 2007-08.
During last year’s reporting season Cobbetts managing partner Michael Shaw (pictured) refused to divulge the firm’s average profit per equity partner figure (PEP) and refused to answer questions about whether the firm would be registering any profit at all.
The LLP accounts reveal that Cobbetts’ net debt also grew during the 2008-09 financial year, by 60.3 per cent from £7.17m to £11.49m. The firm’s borrowings included a facility from RBS secured by a debenture for its wholly-owned debt recovery subsidiary Incasso.
As one City partner put it: “These are not great results, but they aren’t a basket case either. I expected Cobbetts to be sitting on a disaster and they aren’t.
“The banks have refinanced it and only the subsidiary LLP has had to give security to RBS.
“Working capital has been under stress but it has for many firms.”