SJ Berwin’s average profit per equity partner (PEP) figure has been bumped up to above the £700,000 mark following accounting revisions to take into account FRS5 and work in progress (WIP).
The accounting adjustments have seen the silver circle firm’s PEP pushed up to an average £711,000, up 6 per cent rise on the firm’s preliminary figure of £670,000 for the 2005-06 financial year.
Senior partner Jonathan Blake attributed the changes to accounting adjustments made to take into account WIP, FRS5 and the unwinding of certain bad debt provisions.
But a source close to the firm indicated that overly cautious provisions for the firm’s new London premises at 10 Queen Street Place had also impacted on the preliminary figures. It is understood that the move to the new premises saved the firm around £3m.
The revised PEP figure for the 2005-06 financial year means that SJ Berwin’s PEP has risen 23.6 per cent on its £575,000 figure for previous financial year.
The adjustments also see the firm’s gross revenues rise to £155m, up from the preliminary figure of £150.7m. The improved figures mean that the firm increased revenues by 27 per cent on the previous year.
Under the revised figures, SJ Berwin’s net profit for 2005-06 was £71.5m, while its equity spread ranged from £320,000 to a top of £1.1m.