Mills & Reeve sees marginal increases in turnover and PEP

Mills & Reeve has posted slight increases in turnover and average profit per equity partner (PEP) for the 2009-10 financial year.

Guy Hinchley
Guy Hinchley

Fee income increased 1 per cent from £66.6m to £67.3m, while PEP rose 2 per cent from £301,000 to 307,000. Net profits rose 6 per cent to £18.6m.

Managing partner Guy Hinchley said the PEP and profit figures would have been higher but the firm paid out more than £750,000 in bonuses, with all 719 staff members receiving a payout.

Corporate work accounted for £27m of fee income, with property and private client each contributing around £20m.

“Overall we’re pleased with our performance and we achieved our financial plan,” said Hinchley.

“Like a lot of firms we keep a careful eye on costs. We didn’t have any redundancies but we’ve been careful about recruitment, and have been reviewing our procurement contracts.”