Shepherd & Wedderburn results reflect tough times

Edinburgh-headquartered Shepherd & Wedderburn’s turnover fell by 7 per cent in the 2008-09 financial year, with average ­profit per equity partner (PEP) dropping 26 per cent.

At the end of the year the firm’s turnover stood at £39.6m, down from £42.6m, while PEP fell from £311,000 to £230,000.

Chief executive Patrick Andrew said: “We, along with many other businesses, have faced a challenging year, particularly in areas such as real estate and ­capital markets, which have been hit hardest by the financial crisis and resulting recession. Our real estate and ­corporate finance practices have held up well and we have had some notable ­successes in other areas.”