Simmons beats profit predictions with 40 per cent hike

Simmons & Simmons has beaten its already confident predictions on financial performance after confirming a final profit per equity partner (PEP) hike of 40 per cent.

Final calculations for the 2004/05 financial year have revealed that Simmons' average PEP reached £385,000, up from £275,000 in 2003/04.

This was a further rise from the firm’s projected figure of £371,000 announced in May, although the firm had hoped that adjustments for final billings would push the firm’s PEP past its target of £400,000, set by the firm early last year.

The promising results represent an astonishing turnaround for Simmons, ending four years of woeful results at the firm.

Top of equity rose 40 per cent to £600,000 last financial year, up from £430,000 in 2003/04.

Turnover is also up 10 per cent to £196m, compared with £178m the previous year, while net profit rose 36.5 per cent to £56m, up from £41m.