Watson Burton cracks £700,000 PEP barrier” />Watson Burton has posted its highest-ever profit and turnover results, putting it well clear of its regional competition and ahead of most national rivals. Average profit per equity partner (PEP) for 2005-06 was up by 38 per cent, from last year’s £515,000 to an astonishing £712,000.
The Newcastle firm posted a turnover of £22.9m for the financial year ending 30 April, up a mammoth 42 per cent from £16.1m this time last year.
Managing partner Andrew Hoyle said: “We’re certainly pleased. The figures are down to several things: we’ve had a good year, have efficiently managed our overheads and have had particularly good results.”
Citing good performance across the board, Hoyle also highlighted growth in the firm’s corporate and construction practices and the success of the 10-partner Leeds office, which opened last June.
The past year has also seen the firm grow its partnership by 50 per cent, from 26 to 39, seven of whom are full equity.
However, Hoyle predicted that PEP will dip next year due to planned investment.