Hammonds PEP falls by 25 per cent
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Hammonds has reported a 25 per cent drop in profits for the last financial year, from £367,000 to £276,000.
Peter Crossley
Hammonds has reported a 25 per cent drop in profits for the last financial year, from £367,000 to £276,000.
The firm’s revenue dropped by 5 per cent in the same period, from £132m down to £125.4m.
Hammonds managing partner Peter Crossley said: “It has been a year of significant year of change and challenge. But we believe we’ve taken some partly positive action in unique market sectors.”
Crossley added that the firm has seen growth in employment, pensions, business recovery, asset based lending and planning.
Hammonds’ business recovery group increased its revenues by 27 per cent during the last financial year while the planning group increased by 15 per cent.
Crossley said: “While the real estate market suffered our planning team did well. We have a good range of utilities company clients and I think this helped to boost our figures in this team despite the downturn.”
It has been a turbulent year for Hammonds. Earlier this year The Lawyer reported that the national firm settled with seven out of eight former partners involved in a £1.7m profits dispute with the firm (9 March).
Readers' comments (5)
City Gent | 9-Jul-2009 6:19 pm
“But we believe we’ve taken some partly positive action in unique market sectors.”
Has anyone the slightest idea what this means?
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Anonymous | 10-Jul-2009 10:27 am
Not surprising really. The talk is that there are a lot of dead wood older partners there, while the younger generation, although talented, don't yet have profitable enough followings. More redundancies to follow...
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Anonymous | 10-Jul-2009 12:06 pm
“But we believe we’ve taken some partly positive action in unique market sectors.”
I reckon this has to be a misquote?? Unique market conditions there may be. There are no unique market sectors- or do they know something we dont?
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Anonymous | 10-Jul-2009 1:41 pm
It would be interesting to see the figures without the European and Far East offices including. I'm betting a PEP much lower for the UK offices.
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Matthew Upson | 27-Jul-2009 10:13 am
trainees get underpaid....while the others are overpaid...no wonder people go elsewhere!!
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