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Stephenson Harwood PEP rockets after restructuring" />Stephenson Harwood's profits have increased by a staggering 20 per cent for the second year in a row, although at the same time the firm's turnover has fallen in consecutive years.
The firm's financial results for the 2004-05 financial year saw average profit per equity partner (PEP) reach £280,000, up from £234,000 the previous year. This follows a similar 17 per cent rise in PEP in 2003-04, which was up from £200,000 in 2002-03.
Top of equity has also increased for the second year in a row to £400,000, up from £336,000 in 2003-04 and £240,000 in 2002-03.
Despite the increase in profit, the firm's turnover has dropped to £56m, down from £58.6m in 2003-04. It is the second year in a row that the firm's turnover has slipped, following a drop in revenue of 8 per cent in 2003-04, down from £62.5m in 2002-03.
The firm attributed the decline in revenue to ongoing restructuring combined with the discontinuation of matrimonial, probate and non-contentious trust work.
Chief executive Sunil Gadhia said: "We've been reshaping the firm's business to focus on our strengths, particularly banking and finance, over the last few years, and as a consequence turnover has been affected."
However, Gadhia pointed out that fee income for the banking and asset finance practice had increased by 140 per cent in the last three years, proving that the refocus is beginning to shown results.