Addleshaw Goddard delivers underlying income growth of five per cent
Addleshaw Goddard has announced underlying fee income for the year ended 30 April 2014 of £172.5m, an increase of five per cent on the prior year and the highest for five years. The equity partner profit, prior to exceptional items, is £44m.
Strong levels of activity across the firm, particularly in corporate, finance and projects and litigation, together with planned strategic investments, including in the firm’s international capability, have driven a material increase in performance, resulting in 11 months of consecutive growth and a nine per cent overall uplift in activity levels.
During 2013–14, the firm also strengthened the capability of the partnership in key strategic areas (sectors and jurisdictions) through the appointment of 26 new partners, of which eight were in the corporate division and seven in overseas offices.
Excluding all non-recurring success fee income from its CFA portfolio, and all exceptional provisions, income growth for the year rose by more than eight per cent.
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The past five years have not been easy for Addleshaw Goddard. The firm’s revenue fell 7 per cent from £173.1m to £161.9m between 2008/09 and 2010/11 and despite finances looking up in 2011/12, when Addleshaws reported a 30 per cent increase in net profit, it has shown no notable compound growth in turnover since 2007/08.