Penningtons property department drives profits hike

Penningtons has seen a continued increase in turnover and net profits this year, with fee income hitting £21.2 million and net profits rising to £4.4 million.
Fee income was up a total of 14.6 per cent, with net profits rising 11 per cent. However, profits per equity partner fell from £140,000 to £120,000 after the firm last year extended its equity partnership from 20 partners to 37. Total number of partners is up by two on last year to 59.
Property was the strongest performing area for the firm, bringing in approximately 35 per cent of overall fee income.
Managing partner Lesley Lintott said: “This is an excellent performance in difficult trading conditions.”