Forsters and Michelmores have reported double-digit growth in revenue for the 2013/14 financial year and net profit is also expected to have risen at both firms.
Mayfair firm Forsters’ turnover increased 12 per cent from £32.5m to £36.5m, with profit from the audited accounts coming in at 17 per cent higher than last year.
Average profit per equity partner (PEP) at the firm also rose, from £431,000 to £501,000.
Forsters’ revenue rose from £28m to £32.5m at the 2012/13 year end, an increase of 16 per cent, while net profit increased by 28 per cent from £7.1m to £9.1m.
The results for 2013/14 marks the firm’s fourth consecutive year of double-digit growth.
Forsters managing partner Paul Roberts said the firm had seen a 20 per cent increase in activity over the past 12 months. He said the firm had seen consistent growth over a four-year period, with residential property in particular growing by 100 per cent in that time.
“The institutional clients are now looking at residential property as an investment opportunity too. We’re recruiting heavily into that side of our property practice to reflect the switch to investors seeing all property assets being investable”, he said.
At Exeter-headquartered Michelmores revenue rose by 15 per cent from £22.3m to £26m over the last financial year and staff have been awarded a minimum 3 per cent of salary bonus.
Staff at the firm were also paid a bonus equivalent to 3 per cent of their individual salaries after posting a 15 per cent rise in turnover for the 2012/13 year-end (16 May 2013).
The firm is expecting profit growth in-line with the increase in turnover but managing partner Malcolm Dickinson was refused to comment on predicted profit figures before the results had been audited.
Dickinson said the firm was budgeting for a further 15 per cent growth this year. He said the firm had just revised its strategy and added: “We intend to grow all our offices through lateral hires and organically. We don’t see a merger as part of the strategy at this stage but we will keep our eye on the market”.
In November 2012 Wilsons offloaded its Bristol office a protracted legal spat with two partners at the base (12 November 2012).The deal saw Michelmores enter the top 100 UK firms by turnover, with an additional £3m being added to the firm’s 2012/13 turnover (26 February 2013).