CMS profit dips after accounting change

CMS Cameron McKenna has unveiled its first set of financial results since changing its accounting methods and as a consequence, has reported what would appear to be a reduction in both revenue and profit per equity partner (PEP).

The firm has post revenues of £163m with PEP hitting £384,000. In 2003/2004, turnover stood at £167m while PEP reached £415,000. The result sees the firm post what appears to be a slump both in average profit per equity partner (PEP) and turnover.

However, managing partner Dick Tyler attributed the results to the fact that, ahead of its first year of LLP accounting, the firm was not including non-fee income, such as property-related income, in this year’s revenue figure. The firm has also converted to a full-equity partnership model, with total equity partners rising from 130 in 2003/2004 to the current 132.

Tyler said that on a like-for like basis, the firm’s PEP results represent a 7.9 per cent increase on last year’s result.