Trowers’ revenues rise 16 per cent at half year

Trowers' revenues rise 16 per cent at half yearTrowers & Hamlins has surpassed its half-year budget, which forecast turnover growth of 15 per cent, posting a rise of 16 per cent on the first six months of last year.

From May to October the firm attracted £42m in revenues compared with £36.1m during the same period last year.

Key to the firm’s robust growth levels were its five Middle East offices – which account for a fifth of overall turnover and which expanded by 27 per cent over the first half.

Senior partner Jonathan Adlington said: “We’re targeting 15 per cent growth for the full year. The second half is generally better for the overseas offices, which saw things slow down with Ramadan and the summer.”

Adlington added: “We’re pleased with the results and apprehensive but quietly confident.”

Real estate, which is the firm’s largest practice group, grew by three per cent overall. While commercial conveyancing and major regeneration projects slumped due to the reliance on private finance, public sector non-housing work grew significantly. This latter sub-sector expanded by 46 per cent. This was driven by domestic PFI work in Building Schools for the Future (BSF) and the waste sector.

Corporate – the firm’s second largest practice group – grew by 18 per cent. While the smaller litigation group grew by 39 per cent. Litigation accounts for 10 per cent of turnover. Banking and finance accounts for five per cent of turnover and grew by 36 per cent, on the back of social housing work.