Hammonds on course for turnaround at half-year stage

Hammonds has reported strong growth in turnover and profitability for the first six months of the current financial year, with half-year revenues estimated at £65m.

The figure puts the firm well on course to beat last year’s £127.6m turnover, and average profit per equity partner should also be up from the £204,000 recorded in 2004-2005.

Managing partner Peter Crossley said the firm had had a “very good” half-year, and that it was ahead of budget and ahead of the same point in 2004.

The news will be a comfort to Hammonds, which suffered from a 25 per cent profit slump at the end of the last financial year. Crossley was forced to take a tough stance on costs and performance, including a redundancy programme and a 14-month lock-in for equity partners.