Shepherd & Wedderburn sees revenue rebound with 6 per cent hike

Scottish-headquartered Shepherd & Wedderburn has posted a 6 per cent rise in turnover for the 2010-11 financial year, representing a turnaround in fortunes on the previous year, when revenues fell by 11 per cent.

Patrick Andrews
Patrick Andrews

Turnover for 2010-11 stood at £37.3m, up from £35.3m a year earlier.

The firm’s net profit figure was up 26 per cent, rising from £8.2m to £10.3m. While average profit per equity partner (PEP) is still being finalised, this would result in a PEP of around £300,000, up from £243,000 the previous year.

Total remuneration for 2010-11 stood at £13.1m. The sum, which includes net profit as well as remuneration to non-equity partners, was up 16 per cent on the equivalent figure from 2009-10.

According to chief executive Patrick Andrews, the firm’s real estate and energy practices had a particularly strong year while the firm is also winning an increasing number of instructions with an international element.

“What we’re seeing is not just an increase in activity in the UK but an increase in activity in other jurisdictions as well,” he said.

Andrews said that the firm has been doing work for clients such as Cairn Energy in India and has also been winning mandates across Africa.

“Some of the international work is working alongside clients providing them with project management and advice,” he added. “Sometimes that’s working with local firms chosen by the clients or sometimes firms chosen by us.”