Hammonds’ stunning recovery puts shelved growth ambitions back on agenda

Hammonds is on course to recover from last year’s disastrous performance after its locked-in partners made solid progress during the first half of the current financial year.

Half-year revenue was estimated at £65m, a growth of more than 8 per cent from the same point in 2004.

The figure puts the firm on course to exceed last year’s £127.6m turnover. Average profit per equity partner (PEP) should also be up from 2004-05’s £204,000.

Managing partner Peter Crossley said the firm had seen a “very good” half-year and that it was both ahead of budget and ahead of the same period’s figures in 2004.

The news is particularly encouraging, as the firm was predicting growth in November 2004 before the February 2005 announcement that turnover was due to be flat and that profit would take a hit due to an exceptional reorganisation charge. In the event, average PEP at the firm slumped by 25 per cent.