Maclays pleased with 12 per cent growth

Maclay Murray & Spens has unveiled significant increases in both turnover and profit in its annual results for 2006/07.

Turnover at the 72-partner firm rose 12 per cent to £54.3m, up from last year’s record £48.3m.

Average profit per equity partner (PEP) is yet to be finalised but is expected to be around £315,000, also a record, while the profit available to all partners was up more than 15 per cent, to £17.5m.

Magnus Swanson, chief executive of Maclay Murray & Spens, said he was “pleased” with the results which reflected a solid performance across the board.

“All of our core groups, whether in Aberdeen or London, Glasgow or Edinburgh were ahead of budget and last year by a significant amount,” Swanson added. “But the unsung parts of Maclays were the projects, construction and EPB (employment, pensions and benefits) groups, all of which made real progress as a result of our historic investment in them.”

Although all of Maclays’ offices performed well, London is currently the Scottish-headquartered firm’s primary strategic focus. Swanson admitted that the appointment of London-based partner Philip Skerrett as its new chairman earlier this year underlined this.

Maclays is aiming to grow London revenue to around a third of the firm’s total to match Glasgow and Edinburgh. It is still currently less than 30 per cent but Swanson revealed that strategic objective, “may well be fulfilled this year or the next”.

Maclays will be publishing its accounts for the first time as a limited liability partnership (LLP) later this year.