Cripps boosts PEP 50 per cent after wealth management sale

South East firm Cripps Harries Hall has seen big fee income and profit increases following a year in which it restructured and brought in new management.

Fee income rose 17 per cent to £16.35m compared with £14m last year. This includes the adjustment made from the sale of its wealth management arm Cripps Portfolio, which accounted for 25 per cent of the firm’s turnover.

Profit per equity partner shot up more than 50 per cent to £187,000 up from £119,000 while net profit rose 44 per cent to £4.15m, up from £3.15m. All figures allow for FRS5 adjustment.

Managing partner Jonathan Denny said in a statement: “There is no doubt in my mind that our refocus of the business along client industry sectors has re-energised business development across the firm.”

At the start of the last financial year Cripps reorganised itself along eight business groups. Private clients accounted for 23 per cent of income; property development accounted for 20 per cent; corporates 18 per cent; executors and trustees 13 per cent; portfolio property 11 per cent; public sector 9 per cent; and the two newest business groups, partnerships and charities, for 5 per cent and 2 per cent respectively.

During the year the firm also converted to LLP status and voted in new senior partner Michael Stevens.

Denny added: “We entered the last financial year from a very different position – and with a significant challenge ahead of us: I am glad to be reporting now that it has been a pretty good year.”