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Fladgate has posted a 3 per cent increase in turnover at the half-year stage, slightly below expectations at the start of the year.
Chairman Charles Wander said that activity across the practice, up 8.5 per cent, revealed a better performance than the fees-delivered metric, suggesting that the firm was still on track to post a full-year increase of between 5 per cent and 10 per cent.
“We’re not disappointed with these results,” said Wander. “There was a gentle increase in turnover year-on-year in September and in the current market that’s not something to be too unhappy about.”
Chief operating officer John Goreing pointed to the significant level of contingent matters Fladgate is currently exposed to as another factor that can have a material impact on the results, something underlined by the fact that 8.5 per cent activity had resulted in 3 per cent more fees.
“Increasingly we’re entering into risk-sharing with clients,” said Goreing. “In recent years we’ve invested in our building, we’re continuing to invest in people and the next thing is to invest in our clients. That’s the way the business goes forward.”
Litigation was among the busiest parts of the practice during Fladgate’s half year with a range of media, finance and private client-related disputes.
The transactional side of the business saw some activity, with a highlight being the £32m acquisition of technology company Frontier Silicon tech business Toumaz, a deal led by partner David Robinson that included a £29m placing.
In property Goreing admitted that lending continues to be difficult, “but clients with equity are finding deals”.
Earlier this year Fladgate posted a 10 per cent rise in total revenue for the 2011/12 financial year, with turnover rising to £25.9m.