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Scottish firm Tods Murray’s LLP accounts show that the firm had a tough year in 2011/12, with revenue dropping by nearly 10 per cent and profit down by more than a quarter.
Turnover at Tods Murray was £11.8m in 2011/12, down 9.8 per cent from £13.06m in 2010/11. Profit, meanwhile, fell by 25.8 per cent, from £3.1m to £2.3m over the same period.
According to the LLP accounts, the firm owes creditors £4.2m, up from £2.1m in 2010/11. Tods Murray has also extended the term of a £2m loan taken out in October 2009 from October 2012 to October 2015.
In a statement, Tods Murray executive partner David Dunsire said: “Our results were as expected, reflecting both a slow market and a year of investment for the firm.
“It would appear that 2011 was a false dawn and our 2012 results have mirrored the rest of the Scottish corporate scene. However, there does appear to be some glimmer of growth around the corner and we expect to bounce back to 2011 levels this year, with signs of turnover already up 12 per cent on the current year.”
At around this time in 2012, Tods Murray acquired two-partner private client firm Fyfe Ireland (23 January 2012).
According to the LLP accounts, Tods Murray’s highest paid partner got £112,124 in 2011/12, down marginally on the previous year when the top earner got £112,380. Staff costs at the firm dipped slightly – from £4.7m to £4.6m – even though the average number of staff at the firm during the financial year was 151, up from 143 in 2010/11.