National firm Shoosmiths has posted a record set of financial results for 2003-04, with the firm’s profitability rising by a dazzling 67 per cent.
Turnover rose 25 per cent from £44.3m to £55m, while average profits per equity partner (PEP) leapt from £136,000 last year to £226,500. Profits now stand above 2001-02 levels, when Shoosmiths reported PEP of £193,000. The equity pool has remained steady at 35 partners, while the total partnership has grown to 72.
The results follow a disappointing 2002-03, when investment in the firm’s Birmingham office saw profits slump by 30 per cent. However, the six-partner office, which specialises in property and construction work, is expected to break into profit this year.
Shoosmiths chief executive Paul Stothard attributed the growth to a series of client wins and tight financial management. The firm has picked up national property instructions for furniture giant Ikea, and commercial work for Thomas Cook and Danone.