North East firm Watson Burton has published its first statement since becoming a limited-liability partnership (LLP) last year, showing that turnover is up but equity partner profit is down.
The turnover was £16.1m for 2004-05, up almost 12 per cent on 2003-04’s £13.8m. However, top-earning partner Andrew Hoyle’s profit share was £582,000 – significantly less than last year’s £724,000.
Hoyle said: “I was amazed it only went down that much. The firm had a massive capital spend in the course of the financial year, having opened our Leeds office as well as investing in IT and recruitment. A reduction in profit was inevitable – I’m pleased it was only by that amount.”
Hoyle said the growth was down to “good performance across the board,” singling out construction for praise. He predicted further growth for the calendar year 2005-06.
He said: “We’re aiming for £24m by April 2006. We made £24m in the last year, so that will be an increase of 50 per cent.”
Watson Burton business development manager John Duns said the firm has had a 59 per cent increase in turnover in the first half of the 2005-06 financial year.