Mills & Reeve posts fee income growth
Mills & Reeve posts fee income growth" /> East Anglian firm Mills & Reeve has increased its fee income at the half-year stage to £28.8m, up by 10.3 per cent on last year's performance.
Profit at the firm, however, increased by just 3 per cent to £10.4m amid plans for heavy expansion.
The 30 November 2007 half-year results compare unfavourably to an increase in profit of 18 per cent in the previous year, which the firm attributed to "improved efficiencies" in time recording and a "particularly strong year". Turnover over the whole of last year increased by 15 per cent to £56.4m.
Managing partner Guy Hinchley commented: "We're pleased with these results, which aren't out of line with our cohort firms in the 25-50 group of the UK top 100, and our progress has matched up to our final projections.
"We're looking forward to quarters three and four. Unlike most competitor firms, our second quarter growth was higher than our quarter one growth. We're on an upward path."
Mills & Reeve will launch offices in Leeds and Manchester by February 2008 as part of its wider strategy to transform itself into a national firm and boost turnover from £56.4m to £110m in the next five years.
Hinchley was optimistic, but agreed that the new markets will be tough ones to enter.
