Pannone announces 3 per cent increase

Pannone brought in a turnover of £52.5m for the 2008-09 financial year, a 3 per cent increase on the total of £50.8m for 2007-08.

The firm’s profit margin has dropped from 27 per cent last year to 22 per cent this time round. As a result average profit per equity partner (PEP) has fallen by 21 per cent, from £290,000 in 2008 to £228,000 for 2009.

Partners at the bottom of the firm’s equity will pocket £137,000, while those at the top of equity will receive £245,000.

The total number of ­partners at the firm has increased from 110 to 119 over the year, with four being promoted to the ­partnership this year.

Total staff numbers stand at 752. This is 26 fewer than at the previous year-end, with Pannone having made a number of redundancies.