Stevens & Bolton breaches £300K PEP

Guildford-based Stevens & Bolton had a record year in 2006-07, with average profit per equity partner (PEP) pushing through the £300,000 mark.

The firm posted a total revenue of £14.1m with a profit margin of 32 per cent, giving it a £4.5m net profit and a PEP of £305,000 for its 15 equity partners.

The 27-partner firm also managed a year-end lockup of just 94 days, which managing partner Richard Baxter described as "spectacular".

Baxter said the firm had made "a concerted effort" to reduce lockup.

"You have to make it a priority and communicate effectively the importance of managing lockup better," he added. "As a result we finished the year with our cashflow three-quarters of a million up on the year before."

A string of deals for the corporate group, totalling more than £1bn, and new clients such as Rentokil Initial, Filtrona and Bunzl, were the highlights of the firm's year.