Trowers reveals 21 per cent increase in turnover

Trowers & Hamlins

has boosted its revenue by more than a fifth, with turnover soaring by 21 per cent, from £56.4m to £68.1m.

Total profit has risen by 15 per cent, from £10.9m in 2005-06 to £12.5m, while profit per equity partner (PEP) is also up, by 15 per cent, from £472,000 to £545,000.

Senior partner Jonathan Adlington said: “The previous year was also a good one and that resulted from the right time and the right place, and this year has happened exactly the same way.”

The 2006-07 success follows excellent results in 2005-06 after turnover soared by 28 per cent, while profit grew by an incredible 41 per cent.

“We’re not a greedy practice – we’re comfortable with our level of PEP, though obviously we’re always looking for ways in which we could better it,” Adlington added.

He said a drive to increase revenue in the firm’s corporate team had increased turnover by 43 per cent in the last financial year.

“Ten years ago public sector housing dominated our business – it doesn’t do that any more,” he said.

The public sector and banking groups also showed strong growth, both up by 43 per cent, while commercial property grew by 39 per cent.

However, although the Middle East practice contributed “a considerable chunk” of the firm’s business, according to Adlington, the group increased turnover by just 9 per cent due to the weakness of the US dollar.

Adlington predicted 2007-08 would be an equally strong year for the firm. “It’s early days, but we can’t see any particular downturn in any of our markets in any significant way – we can’t see commercial property, corporate, public sector or the Middle East taking a dive.”