PEP falls 21 per cent at Pannone as revenue nudges up

Pannone brought in turnover of £52.5m in the 2008-09 financial year, a three per cent increase on the total of £50.8m for 2007-08.

The firm’s profit margin has dropped from 27 per cent last year to 22 per cent this year. As a result average profits per equity partner (PEP) have fallen 21 per cent from £290,000 in 2008 to £228,000 for 2009.

Partners at the bottom of the firm’s equity will pocket £137,000 while those at the top will receive £245,000.

The total number of partners at the firm has increased from 110 to 119 over the year, with four being promoted to the partnership this year (7 May 2009).

Total staff numbers stand at 752, 26 less than at the previous year-end, with Pannone having made a number of redundancies.