Addleshaws’ turnover 4 per cent below budget

Addleshaws' turnover 4 per cent below budgetAddleshaw Goddard has recorded a fall in fee income of 2.8 per cent in comparison to the first half of the 2007-8 financial year.

Turnover for the first six months of 2008-09 was £94.7m, whereas during the same period last year the firm brought in total fees of £97.5m.

This year’s figure was four per cent lower than the budgeted amount of £98.7m

Managing partner Mark Jones (pictured) said: “We had a reasonably strong first quarter and a reasonably weak second quarter.”

Looking ahead for the full year, he said: “If we achieve last year’s fee income number [of £195.4m], I’d be delighted. But I think we’ll be a bit down.”

The practice group with the largest amount of growth between May and October 2008 was finance and projects. This grew 18 per cent to £22m, up from £18.6m during May to October 2007.

The other practice group to experience growth was contentious and commercial, which grew by 3.9 per cent from £27.9m to £29m.

Real estate, corporate and miscellaneous income all fell over the same period. Real estate experienced the sharpest fall, shrinking by 15.8 per cent from £27.9m to £23.5m. Corporate fell by 13.3 per cent from £21.8m to £18.9m and miscellaneous fell by 7.7 per cent from £1.3m to £1.2m.

Read our half-year story for more financial results.