Hammond Suddards Edge has recorded a sharp drop in profits after completing three mergers and opening two international offices this financial year. The firm has recorded a 2001-02 turnover of £135m. But average profits per partner dipped by 11 per cent, from £305,000 to £275,000. The profit margin was 20 per cent. Managing partner Chris Jones said he was pleased with the results, having completed mergers with Wildes and Townleys in London, Haussmann & Associés in France and Rossotto e Associati in Italy. The firm has also opened offices in Germany and Hong Kong. When asked whether the firm had hit target, Jones replied: "We don't operate a target strategy, but we performed within the budgets we set ourselves. We will have performed in the same way as other firms, with a strength in corporate and a strong presence in London." He added that corporate had suffered due to the amount of abortive deals that the firm had worked on over the year. "We had lots of jobs that didn't proceed, particularly post-11 September," he said. Jones said that employment and pensions had done well, but that insolvency had not performed as strongly as people had expected. "The market for insolvency was interesting," he said. "At difficult times, you'd expect a higher level of instructions than have materialised."