Profit per equity partner (PEP) at West End firm Hamlins has risen by 52 per cent, from £367,000 to £560,000.
The 26-partner firm also announced a 27 per cent jump in revenue, going from £10m in 2012/13 to just over £12.6m. In 2011/12, revenue stood at £9m, while in 2010/11 it was £8.4m. Before the impact of the recession, in 2007/08, it was £11.4m. Between 2010/11 and last year, revenue increased by 50 per cent.
Hamlins’ net profit stood at nearly £4.5m, meaning that its profit margin was 35.5 per cent. Its equity spread ranged from £325,000 to £650,000, with the firm continuing to keep its equity tight while operating a modified lockstep, with eight of 26 partners recorded as full equity.
Corporate head Daniel Bellau said the profit increase was attributable to the firm holding its costs steady, meaning that the turnover increase went straight to the bottom line.
The firm has a zero debt policy, while work in progress decreased from 65 to 54 days and debtor days also fell slightly from 82 to 80 days.
Corporate head Daniel Bellau commented that while the firm’s focus was not growth for growth’s sake, it was keen to increase its reputation management, corporate and real estate finance departments.