Fladgate has posted a double-digit increase in turnover and a 10 per cent rise in profit for the 2013/14 half year, with a 15 per cent turnover hike to £14.84m over the like-for-like period.
The firm is projecting a full-year turnover in excess of £30m, the first time it will have broken through that benchmark, with chief operating officer John Goreing adding that the six-month increase from 1 April (Fladgate has a 31 March year end) is likely to signal a similar or better rise during the remainder of the year.
“Traditionally we do better in the second half of the year than the first,” said Goreing. “There’s usually a bit of a year-end spike which is just human nature. Also we’re continuing to bring in new people so we’re seeing an increasing contribution from laterals who have joined during the year.”
Fladgate’s most recent laterals include the head of construction and projects at Field Fisher Waterhouse (FFW) Alan Woolston, who joins Fladgate next week along with FFW construction associate, Chris Farrell.
Woolston spent five years at FFW, three of them as group head, after joining the firm from Pinsent Masons.
Fladgate has also hired corporate partner Marc Sosnow from Teacher Stern, where he was co-head of the firm’s hotels practice.
Commenting on the appointments, Fladgate’s chairman Charles Wander said: “These appointments build on the strategic hires we have announced in recent months.”
Goreing said Fladgate had another two partners signed up to join the firm over the next three months which will take the total number of hires to seven so far in the current financial year.
Last year the firm hired eight laterals. Goreing said the firm’s partner retention rate was “excellent”, with just one partner departure over the past five years.
On the half-year results Goreing said Fladgate had seen something of a return in transactional activity in property and corporate.
“Hotels continues to be a good area,” said Goreing, adding that other areas of activity included funds, sport and litigation.
“We’re three and a half years into our current five-year plan, having set ourselves the target of growing turnover by 50 per cent during by 2015,” added Goreing. “These results suggest that we will have more than achieved that growth plan over the first four years of the plan. Next year we need to get to £33m.”