Bircham Dyson Bell has recorded stable turnover but an increase in profitability after a steady 2013/14, with total revenue essentially unchanged at £31.3m.
Turnover for the London firm rose marginally from £31.25m the previous year. However net profit, reported on a like-for-like basis, rose to £9.3m from £9.1m in 2012/13.
Bircham Dyson Bell restructured its partnership at the start of the 2013/14 financial year in June last year (6 August 2013), bringing all its partners into the equity. Previously around 60 per cent of its partners were full equity partners and average profit per equity partner (PEP) for the previous financial year sat at £271,000.
The firm said on a restated like-for-like basis net profit for 2012/13 would have been £9.1m, meaning profitability has risen by just over 2 per cent. PEP has gone up by 4.3 per cent from £207,000 to £216,000 on the same restated basis, with the number of partners falling from 44 to 43.
Neither the turnover or profit figures have yet been significantly impacted by the firm’s merger with private client boutique Ambrose Appelbe (4 March 2014) which is expected to add around £2m to revenue in the coming year. Athough the merger was announced in March, it did not complete until closer to the year-end.
Chief operating officer Mark Jones said the move to a full equity partnership had paid off, with all partners more engaged with the business than previously.