Addleshaw Goddard revenue up 11 per cent at half year

Addleshaw Goddard’s turnover for the first half of 2014/15 was up 11 per cent on the same period the previous year, rising from £82.5m to £91.8m.

It is the first time Addleshaws has reported revenue growth at the half year since the period up to 31 October 2011/12, when it reported revenue of £86.6m – also an 11 per cent increase on the previous year (7 December 2012).

The firm’s turnover climbed 3 per cent at the end of 2013/14 from £166.5m to £171.4m (9 June 2014). However, net profit dropped by 11 per cent over the same period, from £44.9m to £39.8m, the lowest level of profitability since 2010/11.

Addleshaws managing partner John Joyce said financial performance had been “strong” across the second half of last year and added: “That momentum has continued through the first two quarters of 2014/15.”

Joyce was cautious not to suggest that the firm’s results would reflect similar growth at the end of the year, saying: “I would not necessarily expect the full year figures to continue that trend to quite the same extent, given our strong close to 13/14 and less certainty about market conditions for the second half.”

Addleshaws is the second firm to report its half-year figures, following in the wake of RPC which posted a 16 per cent rise in turnover at the six-month mark last week (14 November 2014).