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The profit generated by Hammonds’ mainland Europe offices almost halved in the 2009-10 financial year, the firm’s last set of LLP accounts as an unmerged entity have revealed.
Profits from Europe, where the firm has offices in cities including Berlin, Brussels, Paris and Madrid, fell by 46 per cent from £6.7m to £3.6m.
Turnover in the firm’s European offices was also down, dropping 8 per cent to £23.1m.
Revenue in the UK dropped 5 per cent to £91.6m but profit rose 22.3 per cent to £30.2m. Turnover in Asia, where the firm has offices in Beijing and Hong Kong, rose 29 per cent to £4m.
Earlier this week it emerged that Hammonds’ Hong Kong office will split from the firm ahead of its merger with US outfit Squire Sanders & Dempsey (29 November 2010).
The firm managed to slash staff costs by 13 per cent in the last financial year, with the figure falling from £57.6m to £50.1m, while overall operating costs fell from £93.1m to £83m. The number of equity partners dropped from 76 in 2008-09 to 62 in 2009-10, though the number of fixed-share partners increased from 87 to 105. The highest-paid partner’s profit share rose 47 per cent to £499,610.
In the last financial year, which ran from 1 May 2009 to 30 April 2010, Hammonds’ overall turnover fell 4.6 per cent to £118.8, while operating profit was up 13 per cent to £35.7m.